FX.co ★ Trading Signals for GBP/USD on March 8-11, 2024: sell below 1.2817 (6/8 Murray - 21 SMA)

The British pound is trading around 6/8 of Murray at 1.2817 and within an uptrend channel that has been forming since February 29. Yesterday, GBP/USD rallied reaching strong resistance around 6/8 Murray. and in the next few hours, a technical correction will likely occur with the target at 5/8 Murray located at 1.2756.

During the American session, US Non-Farm Payrolls will be published. Investors expect an increase of approximately 198,000 jobs. If the data exceeds expectations, the British pound will weaken in response, but if the data falls short of expectations, the pound will resume its bullish cycle and GBP/USD could reach 1.2878 around 7/8 Murray.

Given that the British pound is located below the resistance of 6/8 Murray, we believe that a technical correction could occur in the next few hours and the price could reach 1.2760. If a technical rebound occurs in this area, this could be seen as a signal to buy with targets at 1.2817 and 1.2878 (7/8 Murray).

If the British pound fails to consolidate above 1.2817, a technical correction is expected in the coming days and GBP/USD could reach 4/8 Murray around 1.2695.

The eagle indicator reached the extremely overbought zone around 95 points. It means that a technical correction could occur in the coming days. For this, we should wait for the market to publish data from the United States so that the course of the pound can be defined.