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Early in the European session, the British pound is trading around 1.2398 showing a slight technical correction after reaching 1.2417 in the Asian session.
Yesterday during the American session, the British pound made a strong technical rebound when it reached the bottom of the uptrend channel formed since January 11.
According to the 4-hour chart, we can see that the British pound has been trading within a downtrend channel formed since January 18. A few hours ago, the GBP/USD pair managed to touch the top of this channel and we could expect a technical correction towards the 21 SMA at 1.2361. The instrument could even reach an area of 1.2310 (bullish channel bottom).
On the other hand, in case the GBP/USD pair consolidates below 1.2361 there is a strong signal that the pound could fall and even break the bullish channel and reach the area of 6/8 Murray located at 1.2207.
Additionally, if bullish strength prevails, we could expect a pullback towards 7/8 Murray located at 1.2450. In case this level acts as a barrier and the pound fails to consolidate above this zone, it will be seen as an opportunity to sell, with targets at 1.2360 (21 SMA) and 1.2207 (6/8 Murray).
In case the pound resumes its bullish cycle, we should expect it to consolidate above 1.2450, then it could reach the psychological level of 1.25 and 8/8 Murray located at 1.2695.
Our trading plan for the next few hours is to sell the pound below the downtrend channel around 1.2414 or to wait for a pullback towards 1.2451, with targets at 1.2361, 1.2300 and 1.2207.
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