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On March 23, the GBP/USD pair reached a high of 1.3297, a level that coincides with the 200 EMA which acted as strong resistance.
The British pound failed to break out the 200 EMA and consolidate above it, so it started a technical correction. Today in the American session, GBP/USD is trading below the 21 SMA located at 1.3199.
From a technical viewpoint, trend indicators on the daily chart still remain in bearish territory and warn about further losses for the pound.
According to the 4-hour chart, the British pound is still trading below the 200 EMA. The outlook also remains negative and GBP/USD is likely to resume its bearish move in the coming days.
Downside pressure below the area 21 SMA (1.3199) will reaffirm the negative outlook and make the GBP/USD pair vulnerable to falling near the level 1.3061(5/8 Murray).
The British pound is struggling to sustain an uptrend as investors are reacting to a dovish assessment of the BoE decision last week.
As long as GBP/USD trades below the level of 1.3285 (200 EMA), it will suggest that the recent recovery move from yearly lows is over. This, in turn, will set the stage for a resumption of the downtrend. The GBP/USD pair could accelerate its decline and challenge the key psychological level of 1.3000.
On the other hand, a sustained move above the level 1.3200 could help the recover GBP/USD and reach 1.3288 and even 5/8 Murray at 1.3305.
Our trading plan is to sell below the 21 SMA (1.3199) and below the 4/8 Murray at 1.3183 with targets at 1.3061 and 2/8 Murray at 1.2939. The eagle indicator supports our bearish strategy because it is in the overbought zone.
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