FX.co ★ Trading Signals for GBP/USD on February 14-16, 2024: buy above 1.2512 (1/8 Murray - symmetrical triangle)

The British pound is trading around 1.2546 after a sharp decline from the 4/8 Murray zone towards the psychological level of 1.25. The GBP/USD pair is moving within a symmetrical triangle pattern. The instrument is likely to bounce above 1.2530 or above -1/8 Murray located at 1.2512 in the coming days.

If the British pound consolidates and trades above the psychological level of 1.25, our expectations are positive. We could see the GBP return and reach levels of the 200 EMA located at 1.2650. GBP/USD could even reach the level of 1.2763 which represents the high reached at the beginning of February.

On the other hand, in case the bearish pressure intensifies, we should expect a close below 1.2512 on H4 or daily charts. Then, GBP/USD could continue its bearish movement and could reach 0/8 Murray located at 1.2451 and finally at -1 /8 Murray located at 1.2390.

Technically, the eagle indicator is reaching the oversold zone. and it is likely that in the coming days, the British pound could consolidate above 1.2512 which could be seen as an opportunity to buy with targets at 1.2573, 1.26 15, 1.2650, and finally, at 1.2695.