The British pound is trading around 1.3427 after forming a bullish pennant pattern and making a decisive breakout, indicating upside potential. However, having approached the 200-day EMA, GBP/USD is facing downward pressure, so we believe there could be a technical correction in the coming hours or days.
Should the British pound fall below 1.3427, the outlook could remain bearish, and we could sell with targets at 1.3393 and ultimately at the 5/8 Murray level around 1.3305.
A decisive break above the uptrend channel and consolidation above the 200 EMA around 1.3477 could signal a sustained bullish scenario for the British pound, potentially driving it back toward the 8/8 Murray zone at 1.3671.
Given that the British pound has reached resistance near 1.3477, this could be a signal to open short positions; or, should the British pound fall below the 6/8 Murray level, we could sell with targets at 1.3380 and 1.3305.
The Eagle indicator on the H4 chart is showing a positive signal; a pullback toward the 61.8% Fibonacci level around 1.3375 could give traders an opportunity to resume the uptrend.
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