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Early in the American session, the British pound (GBP/USD) is trading around 1.2149. The pair is seen to fall sharply after the US Non-Farm Payrolls data.
As a result of the Non-Farm Payrolls data, the British pound fell from the high of 1.2293 to the low of 1.2135. The instrument is likely to make a recovery from the fall in the next few hours.
As is always the case with the NFP data, it creates a strong up or down move and the market always tends to return to the price levels prior to the data. For this reason, we expect the British pound to return to 1.2250-1.2290 in the next few hours, the levels where the pair was trading before the US employment data.
According to the daily chart, the British pound has found strong resistance around 1.2310. This level coincides with the high reached on August 1 which has become strong resistance. It is likely that below this level the British pound could make a technical correction in the coming days.
On the chart above, we can see the 200 EMA at 1.2099. It means that if GBPUSD bounces around this area, it could offer an opportunity to buy with targets at 1.2207 (+1/8 Murray) and 1.2270.
Given that the eagle indicator on daily charts is showing an extremely overbought signal, it is likely that in the next few days there could be a technical correction towards the bottom of the uptrend channel around 1.1815. The correction will be confirmed if the British pound closes below the 200 EMA around 1.2099. It could fall towards 1.1962 (+1/8 Murray) and towards the zone of the 21 SMA located at 1.1853.
Our trading plan for the next few hours is to buy the British pound around 1.21 or above this level, with targets at 1.2207 and 1.2240 - 1.2290. After the pound has made a technical bounce around 1.2240/90, it will be a clear signal to sell with targets at 1.2099 (200 EMA), 1.1962, and 1.1805.
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