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During the European session, GBP/USD touched its highest level in more than five months at 1.2345. Now in the American session, it is showing signs of an imminent technical correction.
The short-term technical outlook for the GBP/USD pair suggests that the uptrend remains intact, but the British pound has entered a zone of strong resistance where we expect rejection. Once the price is rejected off resistance, a technical correction will follow, thus giving an opportunity to sell.
Remember, the daily chart of the British pound has a strong resistance around 1.2320 towards 1.2345. This level coincides with the high reached in the month of July.
We expect this zone to act as a barrier preventing the British pound from a further rise. Therefore, we could look for an opportunity to sell below this level, with targets at the psychological level of 1.20.
The eagle indicator is showing signs of extremely overbought levels. So, a technical correction is imminent in the next few days and the pair could reach the 200 EMA located at 1.2091. In case of a break below this zone, a bearish acceleration towards the bottom of the uptrend channel could occur around 1.1870.
Our trading plan for the next few hours is to sell the British pound below 1.2300, with targets at 1.2207 (+1/8 Murray) and 1.2091 (200 EMA). The eagle indicator is giving an overbought signal which supports our bearish strategy.
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