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Early in the American session, the British Pound (GBP/USD) is trading around 1.2566 with a strong bullish move and is approaching the 7/8 Murray zone which represents a technical reversal level.
Above around 1.2592 is the top of the uptrend channel. So, GBP/USD is expected to come under strong selling pressure and a technical correction could occur in the coming days.
GBP/USD is trading above the psychological level of 1.2500. The US dollar is losing ground as investors believe there will be a pause in the cycle of interest rate hikes of the Federal Reserve.
According to the 4-hour chart, the British pound is facing strong resistance around 1.2566 to 1.2592. According to the eagle indicator, we can see that it is producing an extremely overbought signal. In the next few days, the British pound could make a strong technical correction and could reach the 6/8 Murray around 1.2451 and it could even reach the 200 EMA located at 1.2444 and finally, the bottom of the bullish channel.
On the other hand, after a close above 1.2600 on the daily chart, we could predict GBP/USD will resume the bullish cycle and the price could reach 1.2695, the level that coincides with 8/8 Murray.
Our trading plan for the next few hours is to sell GBP/USD below the 7/8 Murray around 1.2573 or in case there is a pullback around 1.2592, which will be also seen as a signal to sell.
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