The British pound is trading around 1.33, having reached the lower band of the downtrend channel formed since May 10, and is consolidating above the daily S1 support level, which could support a recovery in the pound sterling.
After breaking below the 200 EMA, the British pound began a sharp decline below 1.35, reaching a low of 1.3280. Since then, we have seen a slight recovery. We believe we could expect consolidation above this zone in the coming days, with a potential buying opportunity.
With a technical bounce above 1.3339 or, should the price reach the 5/8 Murray level around 1.3305, this could be seen as an opportunity to open long positions with targets at the 6/8 Murray level around 1.3427.
The Eagle indicator shows that the British pound has reached oversold levels, so we believe the decline could halt, provided that GBP/USD consolidates above the 5/8 Murray level.
Our trading plan for the coming days is to buy the British pound above 1.3305; any pullback will be seen as a buy signal with targets at 1.3427 and the 200 EMA around 1.3487.
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