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Early in the European session, the British pound (GBP/USD) is trading below the 21 SMA located at 1.2110. During the last hours, the currency pair has formed a technical pattern of a symmetrical triangle.
The last candles formed in the 1-hour chart confirm a possible continuation of the bullish movement. For this, we must wait for a break above 1.2111.
In case the pound rises above 1.2111 it will be a signal to resume buying and this could reach the top of the uptrend channel around 1.2180 and could even reach +2/8 of Murray located at 1.2207.
In case the pound rises above 1.2111, it will be a signal to resume buying and the instrument could reach the top of the uptrend channel around 1.2180 and even +2/8 of Murray located at 1.2207.
According to the weekly chart, the British pound has gained over 350 pips and is entering a key overbought area. Next week, the pound is expected to make a strong technical correction towards the psychological level of 1.20 and even towards the 200 EMA located around 1.1896 on the 1-hour chart.
The short-term bias favors gains, although there are some overbought readings on the daily, H-4 and H-1 charts. The zone of 1.2152 -1.2207 has become a strong resistance. In case there is a pullback towards this, such levels will be considered an opportunity to sell.
Our trading plan for the next few days is to buy above 1.2110 with targets at 1.2150 and 1.2181 and we could even leave the market taking profit at 1.2207.
Conversely, in case GBP/USD falls below the 21 SMA, we could sell below 1.2090 with targets at 1.20 and even 1.1962 (+1/8 Murray). The eagle indicator is giving a negative signal which supports our bearish strategy.
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