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The British pound is trading around 1.3414, above the 21-day SMA and below the 200-day EMA, with a bullish bias but showing signs of exhaustion. The Murray 4/8 pivot level represents a bearish zone for the British pound. If it remains below this area, it could exert downward pressure.
Yesterday, during the Asian session, the British pound attempted to break the downtrend channel around 1.3460 but was unable to overcome this strong resistance. Since then, we have observed a technical correction. The decline could continue if the British pound falls below the key 1.3400 level.
If the British pound falls toward the key 3/8 Murray support zone around 1.3370 in the coming hours, this zone could be seen as an opportunity to open long positions, as this area could also coincide with the lower band of the uptrend channel.
Conversely, if the British pound rebounds above 1.34 and consolidates above the 200 EMA, a bullish scenario could develop. We could look for opportunities to buy above this zone, with targets at the 5/8 Murray level around 1.3488. Moreover, we could expect GBP/USD to reach the upper band of the uptrend channel around 1.3500.
Our trading plan is to wait for the British pound to reach the support level at 1.3366 or to buy above 1.3437, and then let price action guide our next move.
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