GBP facing strong resistance 14/4/2023

The British Pound achieved the official target for the previous trading session at 1.2525, recording its highest level against the US dollar at 1.2540.

On the technical side today, and with a closer look at the 4-hour chart, we notice the pair is now hovering around the important support level 1.2520, and the 50-day simple moving average still supports the possibility of an upside.

We tend to the possibility of resuming the bullish trend. Still, it is preferable to see the price consolidating above 1.2530, targeting 1.2575 first and then 1.2630 as a next stop, knowing that the pair’s preference for breaching 1.2520 may lead the pair to retest 1.2440 before attempting to rise again.

Note: Today we are awaiting high-impact economic data issued by the US economy, the “Retail Sales” index and the “University of Michigan Preliminary Consumer Confidence” index, and we may witness high volatility at the time of the news release.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2440	R1: 1.2575
S2: 1.2350	R2: 1.2630
S3: 1.2300	R3: 1.2720