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The British pound is trading at 1.3453 within an uptrend channel that has been forming since May 18, showing positive momentum but struggling to break through strong resistance at the 3/8 Murray line.
If the British pound consolidates above the 200 EMA around 1.3464 in the coming hours, this could be considered a buy signal, with targets toward 1.3488. Even if the GBP breaks above this level, it could reach the upper band of the uptrend channel around 1.3532.
Conversely, if the British pound falls below the 200 EMA and below the 21 SMA, it could continue its technical correction cycle and reach the 4/8 Murray level around 1.3427, and could even find strong support around the lower band of the uptrend channel at approximately 1.3400.
Technically, the British pound has more potential to continue rising in the coming days, so we could buy as long as the price consolidates above the 4/8 Murray level. Then, GBP/USD could reach the 6/8 Murray level around 1.3550 in the short term.
Conversely, a decisive break below the uptrend channel and consolidation below 1.3400 could shift the outlook for the British pound, and we could expect a decline toward the 3/8 Murray level at 1.3366, or GBP/USD could even sink to the 2/8 Murray level around 1.3305—a price level reached on May 18.
The Eagle indicator is reaching overbought levels, so if GBP/USD hits resistance levels such as 1.3488 around the 5/8 Murray level or reaches the 6/8 Murray level, this could be seen as an area to open short positions.
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