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Early in the American session, the British pound is trading above the 200 EMA located at 1.2609 and above the 21 SMA located at 1.2589. According to the 4-hour chart, we can see a strong bullish trend and GBP/USD is likely to hit 4/8 Murray at 1.2695 in the next few hours.
At the fundamental level, some favorable data could support the British pound in its uptrend. In China, it has relaxed restrictions on both Shanghai factories and Beijing residents. This is good news, which weighs on the US dollar, which could encourage the upward momentum of GBP/USD in the coming days.
On the other hand, since last week, we can see that the market sentiment has changed to positive which is reflected in the Wall Street indices. This means that investors prefer to invest in risky assets such as currencies, indices as well as cryptocurrencies, which leave behind the refuge asset that is the US dollar.
At a technical level, according to the 4-hour chart, we can see that the British pound on May 25 has reached the overbought zone. A technical correction in the next few hours is expected towards 1.2609 or 1.2589, for a technical bounce which could resume the uptrend.
On the contrary, with a close below the 21 SMA on the daily chart, we could expect a drop towards 2/8 Murray located at 1.2451. For this, we must wait for a consolidation and a break of the uptrend channel.
We can also note that a rising wedge pattern is in progress. If it is confirmed by a break below 1.26. the price could accelerate a drop and could reach 61.8% around 1/8 Murray at 1.2329.
Our trading plan for the next few hours is to buy the British pound as long as it remains trading above the 200 EMA located at 1.2610, with targets at 1.2661 and 1.2695 (4/8 Murray). The eagle indicator is giving a positive signal which supports our bullish strategy.
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