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Early in the European session, the British pound is trading around 1.2201, below the 21 SMA (1.2220), and below +1/8 Murray (1.2207).
Since November 11, the British pound has been trading within an uptrend channel and it is likely to resume its bullish cycle in the next few hours, only if it consolidates above 1.2220.
We have seen a big move higher in the last few weeks, reaching the top of the bullish channel around 1.2345. Yesterday in the American session, we saw a drop in the GBP/USD pair from 1.2345 towards 1.2160. In the last few hours, we have seen a technical correction and it could continue if the price settles below 1.22.
The British pound is expected to drop below 1.2198 in the coming hours and could be a signal to sell, with targets at the bottom of the uptrend channel around the psychological level of 1.20.
To the upside, we expect the pound to settle above 1.2220, then it could give us a signal to buy with targets at 1.23. In case of a break through the high of 1.2343, the price could reach the area of 1.2380 which represents the top of the bullish channel. If the pound continues to rise, it could reach the psychological level of 1.25 and even reach +2/8 Murray located at 1.2695.
The eagle indicator provides a negative signal. Therefore, we should expect the pound to trade below 1.2220 to sell with targets at 1.20 and the 200 EMA located at 1.1803.
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