FX.co ★ Trading Signals for GBP/USD on April 13-14, 2023: sell below 1.2540 (21 SMA - strong resistance)

Early in the American session, the British pound is trading above the 21 SMA and the 200 EMA with a bullish bias but showing signs of exhaustion.

The pound reached a key resistance zone located at 1.2538. In case it continues to rise, it should face the next weekly resistance located at 1.2553.

In case GBP/USD fails to consolidate above 1.2553, a strong technical correction could occur which, in turn, could generate a signal to sell towards the SMA 21 located at 1.2495. The instrument could fall towards the 6/8 Murray support zone around 1.2451.

The Eagle indicator is showing signs of exhausting bullish force and a strong technical correction is likely to follow below 7/8 Murray.