The British pound is trading around 1.3532, above the 200-day EMA and within the uptrend channel that has formed since early April. The chart shows that the pound sterling is seeking key support levels, which we believe could lead to a technical rebound in the coming hours.
If the British pound consolidates within the trend channel around 1.3500 and continues to trade above the 200 EMA, this could be seen as a positive signal to buy, with targets at about 1.3581.
If downward pressure on the British pound persists, it could test the strong support level at 1.3500; if the price breaks below this level, we could see a further move toward the 6/8 Murray level at 1.3427.
The Eagle indicator is showing negative signals, so the British pound is expected to continue falling. However, if the price remains above 1.35, it will be seen as a positive signal, but we should avoid buying if the price consolidates below 1.3581.
With a decisive break and consolidation above 1.3580, GBP/USD could resume its bullish cycle, and we could expect it to reach the 8/8 Murray level around 1.3671; it could even reach the upper band of the bullish trend channel around 1.3716.
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