FX.co ★ Trading Signal for GBP/USD on November 8-9, 2022: sell below 1.1500 (3/8 Murray - 200 EMA)

Early in the American session, the British Pound (GBP/USD) is trading below 3/8 Murray at 1.1474. Yesterday in the American session, it tried to break the downtrend channel which has been in progress since October 21, but failed and is now showing signs of a technical correction.

The last candles on the 4-hour chart show that the pair is showing signs of exhaustion and we could see a bearish acceleration below 1.1474 and reach the 200 EMA located around 1.1373.

In case there is a pullback towards the psychological level of 1.15 or towards the top of the downtrend channel, it could be considered an opportunity to sell with targets at 1.1373 and 1.1343.

Our trading plan for the next few hours is to sell below 1.14 74 with targets at 1.1350 (21 SMA). The eagle indicator is in the oversold zone and a technical correction is likely to triggger the bullish cycle.