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Early in the European session, the British pound was trading around 1.1310. A technical correction was observed after a weekly opening with a bullish GAP.
GBP/USD reached the top of the downtrend channel formed on September 30. The pound opened with a bullish GAP that reached a high of 1.1406. Currently, we can see a technical correction that could fall to cover the gap at 1.1285.
According to the 4-hour chart, the British pound is above the 200 EMA and above the 21 SMA. The outlook could remain positive if it trades above 1.1280 and reaches the key area of 1.1400.
With a sharp break of the strong resistance of the downtrend channel and a daily close above 1.14, we could expect an acceleration to the upside and the price could even reach 8/8 Murray at 1.1718.
Conversely, in the event that the British pound breaks below the downtrend channel formed on October 13, we would expect a daily close below the 21 SMA located at 1.1240 to occur. If this happens, we could expect a bearish acceleration towards the bottom of the trend channel around 1.0970 and the pair could even drop to 6/8 Murray at 1.0742.
Our trading plan for the next few hours is to buy above the downtrend channel around 1.1280 with targets at 1.1400 and 1.1718. The eagle indicator is giving a positive signal which supports our bullish strategy.
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