FX.co ★ Trading Signals for GBP/USD for April 8-10, 2024: buy if breaks 1.2634 (3/8 Murray - symmetrical triangle)

The British pound is trading around 1.2625, consolidating for several hours around this area and forming a symmetrical triangle pattern. This pattern could give us a clear signal in case of a breakout.

If this scenario occurs, we could look for opportunities to buy above 3/8 Murray, with the target at 1.2695. On the contrary, if there is a break below this pattern. GBP/USD could accelerate the bearish movement and reach 1.2573. The instrument could finally fall to the psychological level of 1.25.

GBP/USD could have a bullish movement for the next few hours as the eagle indicator is giving a slightly positive signal, but this could be seen by the bears as an opportunity to sell.

Only in case there is a daily close above 4/8 Murray located at 1.2695, the outlook could be positive for the pound sterling and we could expect a recovery towards 1.28 or 1.2930.

Otherwise, trading below 4/8 Murray could be seen as an opportunity to sell since around this area there is strong bearish pressure and GBP/USD could reach 0/8 Murray at 1.2445 in the short term.

Our trading plan for GBP/USD is to buy on a break of the technical pattern above 1.2643 with the target at 1.2695. In case there is a rejection around this area, it will be seen as an opportunity to sell.