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Early in the American session, the GBP/USD pair is trading below the 21 SMA and below the 6/8 Murray. The instrument will remain under strong bearish pressure if the pound consolidates below 1.2460.
On the 4-hour chart, we can see that GBP/USD is trading within an uptrend channel formed since March 31. During the last hours, the British pound printed a low of 1.2330 and is now rebounding. However, it could find strong rejection if it consolidates below the 21 SMA. In this case, it can reach the top of the symmetrical triangle, thus offering a trading signal to sell.
The technical outlook suggests bearish momentum. The 1.2370 level acts as key support and the bears could push the GBP/USD pair down if this level is broken.
On the 4-hour chart, we can see that the British pound is facing a resistance zone at the 21 SMA and the 6/8 Murray. As long as it trades below this area, strong bearish pressure will persist as the pound could reach 5/8 Murray located at 1.2327 and the 200 EMA
In the chart, we can see the formation of a symmetrical triangle. Hence, if the British pound falls below 1.2375, it could be the time for a change in trend and GBP/USD could reach 4/8 Murray located at 1.2207 in the short term.
The Eagle indicator is giving a negative signal. Therefore, GBP/USD could consolidate below 1.2451 and we could sell with targets at 1.2362 (200 EMA).
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