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According to the eagle indicator, the outlook for the British pound is bullish, but for this trend to continue, we can expect GBP/USD to trade above 1.2770. Then, it could reach the top of the uptrend channel formed since December 12th around 1.2905 and reach +2/8 Murray located at 1.2939. Early in the American session, the British pound is trading around 1.2711 above the 21 SMA and the 8/8 Murray. On the H4 chart, we can see that the British pound is bouncing after having reached the low of 1.2680. If GBP/USD consolidates above this area, we could expect it to reach the strong resistance of 1.2770. Once this target is reached, it could be seen as a signal to sell.
In case the British pound encounters this strong weekly barrier around 1.2770, gets a strong rejection, and fails to consolidate above in this area, it could be seen as an opportunity to place our sell orders with the target at 1.2695 (8/8 Murray). If bearish force prevails, the price could drop to the 200 EMA located at 1.2622.
On the other hand, in case there is a sharp break below the 21 SMA at 1.2186 the British pound could reach the strong dynamic support which coincides with the bottom of the uptrend channel and the 200 EMA. Then, a break of this channel will follow which could pave the way to a strong technical correction. In this case, GBP/USD could reach the psychological level of 1.25 and could even reach 6/8 Murray at 1.2451.
Our strategy for the next few hours will be to wait until GBP/USD settles above the key point of 8/8 Murray. If the GBP/USD consolidates above 1.2695, this will confirm the bullish outlook enabling us to buy. Alternatively, if the price settles below, we will have a bearish outlook.
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