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Early in the European session, the British pound was trading around 1.1918, with a strong bearish bias but showing signs of exhaustion. A technical bounce is likely in the next few hours.
The market is turning to the US dollar as a safe haven. Market participants seem convinced that the Fed will maintain its tightening policy. In addition, the Fed said it is not considering easing interest rate hikes until inflation slows substantially.
According to this data, the British pound is likely to be under downward pressure until next month when the Fed publishes its interest rate. An increase of 0.50% to 0.75% is expected.
USDX remains in a strong bullish trend, trading around 107.52. The upward movement is expected to continue and could reach the resistance of 107.81 (5/8 Murray).
GBP/USD will remain under bearish pressure if it continues to trade below the 200 EMA located at 1.2109 and below the 21 SMA located at 1.2037.
The break below the support at 1.1962 (2/8 Murray) offers a negative outlook for the GBP/USD pair and a fall towards 1.1840 (1/8 Murray) is likely in the coming days.
The 4-hour chart shows that the British pound is trading below the support of 2/8 Murray at 1.1962. This level has become the resistance, and if the price fails to return above this level, it will continue to trade under downward pressure until 1.1880 and 1.1840.
The eagle indicator has reached the key 5-point level which represents extreme oversold conditions. A technical bounce is expected in the next few hours and it could reach the resistance of 1.1962 or the 21 SMA located at 1.2037.
Our trading plan for the next few hours is to buy above 1.1918 with targets at 1.1962 and 1.2037 (21 SMA). A pullback towards the 21 SMA will be considered as an opportunity to sell with targets at 1.1962 (2/8) and 1.1840 (1/8).
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