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Early in the European session, the British pound is trading at around 1.1461. GBP/USD is under strong downward pressure. It is likely that if the pair continues to decline, a technical bounce could occur around the bottom of the downtrend channel at 1.1385.
The British pound is trading below the 21 SMA and below -1/8 Murray. As long as it continues to trade within the downtrend channel, GBP/USD is expected to continue its decline and could reach the extremely oversold zone around -2/8 Murray at 1.1230.
One factor that keeps the pound weak is that investors are concerned about a possible recession in the UK economy.
According to the daily chart, the GBP/USD pair is entering oversold levels. So, a technical bounce is likely in the coming hours if the pound manages to consolidate above -1/8 Murray located at 1.1474.
On the other hand, a sharp break of the downtrend channel formed since the beginning of August could offer a sustained recovery for the pound and it could even reach the 0/8 Murray area at 1.1718 and could even reach the 200 EMA located at 1.1862.
Conversely, should the pound break the downtrend channel at around 1.1385, it could accelerate its decline below towards the zone of -2/8 Murray at 1.1230.
Our trading plan for the next few hours for GBP/USD is to wait for its consolidation at around 1.1384 to buy or wait for it to consolidate above 1.1474 (-1/8 Murray) and above the 21 SMA around 1.1526 to buy. Above these levels, we expect the British pound to reach the levels of 1.1605 and 1.1718.
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