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GBP/USD is trading around 1.3472 under downward pressure and within a downtrend channel that has been forming since April 15, so we expect the pound sterling to continue falling in the coming hours until it reaches the key support level at the 200 EMA around 1.3447 or could even reach the 6/8 Murray level around 1.3427.
The Eagle indicator has reached oversold levels, signaling a positive trend, so we expect the price to reach the 1.3440 area for buying or 1.3427; above this zone, the price is expected to recover.
Given that the technical chart shows oversold levels, we should closely monitor the price. If GBP/USD consolidates above 1.3460, we could view this level as a signal to continue buying, with targets at the 21 SMA around 1.3514. Ultimately, we expect it to reach the 7/8 Murray line around 1.3549.
A decisive break and consolidation below the 6/8 Murray level could change the outlook for the British pound, and we could expect a sharp drop toward the 5/8 Murray level around 1.3280.
Our trading plan for the coming days is to buy the British pound, so we will check if the price remains above the 6/8 Murray level, and any pullback could be considered a buying opportunity.
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