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Early in the European session, the British pound is trading around 1.1910 above the 21 SMA and within the downtrend channel formed since February 13. We can see a recovery of the pair that could continue in the next few hours.
The GBP/USD pair extended the technical bounce from 1.1801 recorded on March 8. This was its lowest level since November 2023.
The 1/8 Murray line (1.1840) has become strong support for the British pound. This level gave strong bullish momentum and the instrument reached 1.1937. This was a strong support area last month, which gave GBP/USD a triple bottom and has now become strong resistance.
In case the British pound trades above 1.1899 in the next few hours, it is expected to resume its bullish cycle and the price could reach 2/8 Murray located at 1.1962 (2/8 Murray).
If the bullish force prevails, GBP/USD could reach the top of the downtrend channel around 1.2017 and finally, it could reach the 200 EMA located at 1.2052.
The US employment report will be published in the American session. It could trigger a strong volatile movement in the GBP/USD pair. Hence, we could expect it to fall to the support level of 1.1840 if the nonfarm payrolls are upbeat. On the contrary, the price could climb to the resistance zone of 1.2017.
In the next few hours, we could expect the British pound to continue to bounce. For this, we should watch the key point of 1.1840 and any technical correction above this zone could be seen as an opportunity to buy with targets at 1.2052.
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