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Early in the American session, the British pound (GBP/USD) is showing signs of exhaustion and oversold conditions. After reaching the low of 1.2154, a strong technical rebound is observed which could be a sign of the end of the downtrend.
Gloomy UK growth data releases, combined with market risk aversion, keep the downward pressure on the pair intact.
According to the daily chart, we can see that the GBP/USD pair is bouncing and consolidating above 2/8 Murray (1.2207). A close on daily charts above this support could signal the start of a strong technical bounce and could reach 21 SMA at 1.2593.
On the daily chart, we can see the formation of a falling wedge pattern. A break above 1.2250 and a close above this level on the daily chart could confirm the acceleration of the upward movement and could signal a change in trend in the short term.
The equity market is showing a positive bias, which is a sign that investors are changing their perception of risk. This factor could favor the British pound and it could reach the resistance level at 1.26 and up to the top of the bearish channel formed on February 14.
Our trading plan for the next few hours is to buy GBP/USD above 1.2207 with targets at 1.2250 and 1.2593 (21 SMA). The eagle indicator is in the oversold zone showing a positive signal. It is likely that in the coming days the British pound can recover part of its losses and might reach the area 4/8 Murray around 1.2695.
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