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The British pound is trading around 1.1368, pulling back from Thursday's European session and falling below 4/8 of Murray; technically, we could see that the British pound has reached overbought levels.
If the British pound falls below the 3/8 Murray level and below the 21SMA, this could be considered a negative signal, and we could expect a decline toward the 200 EMA at 1.3328. If the GBP falls even below this zone, we could expect a pullback to the 61.8% Fibonacci retracement level around 1.3250.
Since hitting its low on October 13 around 1.3136, the British pound has rebounded with a strong upward move, reaching the 1.3420 area. Technically, it has reached overbought levels, so we believe it could come under downward pressure in the coming days.
An opportunity to take short positions could be to wait for a pullback toward 1.3427 or for the British pound to fall below 1.3360; both levels could offer a selling opportunity in the coming days.
The Eagle indicator has reached overbought levels, and the British pound's price has reached the 4/8 Murray zone—which represents a strong resistance zone—so it could come under downward pressure in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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