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Early in the American session, GBP/USD is trading at 1.2147 below the 21 SMA and below the 200 EMA. Since December 15, we can see that the British pound has been trading within a downtrend channel.
The British pound could face strong resistance around 1.2160 and 1.2175. In case GBP/USD fails to break it, we could expect a technical correction towards 1.2100 levels and the pair could even reach the area of 1.2061.
The Eagle indicator is giving positive divergence but has a zone of strong resistance. So, any bounce in the GBP/USD pair below 1.2175 could be considered an opportunity to sell.
Trading analysis offered by Flex EA.
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