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The British pound is trading around 1.2214 above the 21 SMA and below the 200 EMA. Since the beginning of the week, the GBP/USD pair fell below strong resistance which is located around the 200 EMA at 1.2330.
GBP attempted to break the 200 EMA but failed to consolidate above this key area. Since the area made a strong technical correction, we note that it has been in a downtrend for five consecutive days. In the next few days, a technical bounce is likely to occur around the 4/8 Murray and around the 21 SMA located at 1.2197.
Having reached 1.2363, the instrument made a technical correction as part of confirmation after breaking the downtrend channel formed on July 13.
As the British pound is out of the downtrend, it is expected to continue bouncing above 1.2197 in the coming daysor above 1.2112, the uptrend channel which has been going on since September 26.
A drop below 1.2110 could resume the bearish cycle and GBP/USD could reach 3/8 Murray at 1.2085 and even fall towards the psychological level of 1.20.
On the contrary, as long as the pound trades above 1.2211 (4/8 Murray and 21 SMA), it is likely to continue its rise and reach 5/8 Murray at 1.2329 and 1.2392. It could even reach 7/8 Murray around 1.2573.
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