The British pound is trading around 1.3454 within the uptrend channel formed since May 15, below the 200 EMA and below the 21SMA, showing some downward pressure.

The British pound has a gap left around 1.3429 at Friday's close. If GBP/USD settles below 1.3460 in the coming hours, it could reach this area and fill the gap, and might even find strong support around the 6/8 Murray level at approximately 1.3427.

If the British pound falls below 1.3427, it could continue its downward movement and slide to the 5/8 Murray level around 1.3305.

Conversely, a consolidation above the 200 EMA and above 1.3460 could favor a recovery. Thus, GBP/USD might reach the 7/8 Murray level around 1.3549, and ultimately rebound to the upper band of the uptrend channel around 1.3590.

The Eagle indicator is showing a positive signal, so a technical correction toward 1.3427 and a technical rebound around the 6/8 Murray level could be seen as a positive signal to open long positions in the short term around the 8/8 Murray level at 1.3671.