Trading Signal for GBP/USD for April 12 – 13, 2021: Key level 1.3740

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Trading Signal for GBP/USD for April 12 - 13, 2021: Key level 1.3740

Trading Signal for GBP/USD for April 12 – 13, 2021: Key level 1.3740

Trading Signal for GBP/USD for April 12 - 13, 2021: Key level 1.3740

A weaker tone around US Treasury yields has limited strong gains for the US dollar, at least for now. This, in turn, has helped GBP / USD to a recovery for the fourth time in support of Murray 0/8 near the 1.3670.

The GBP / USD pair, in 4-hours charts managed to bounce above the 0/8 of Murray and is now challenging the SMA 21 located in 1.3740.

On the other hand, the British pound has bounced four times from the 1.3670 level, showing strong support. The last 4-hour candle is engulfing, which indicates that the GBP / USD pair could consolidate above 1.37 to continue its upward movement to 1.3856 (200 EMA).

Some support awaits at 1.3720, there on several occasions the pair has also found support. This level coincides with the SMA of 21 in 1-hour charts. If there is a rebound at this level, it could be a good opportunity to buy.

Resistance is located at 1.3856 level of the 200 EMA and higher is located 2/8 of Murray which is also a strong top.

Meanwhile, Powell, during an interview with 60 Minutes over the weekend, said the US economy is ready for a turnaround and higher growth should create more jobs.

If this growth rate continues in the United States, the GBP / USD pair should be limited to a range of 1.3670 and 1.3916, in the coming days.

Support And Resistance Levels For April 12 – 13, 2021

Resistance (1) 1.3786

Resistance (2) 1.3820

Resistance (3) 1.3885

Support (1) 1.3706

Support (2) 1.3663

Support (3) 1.3607

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Trading tip for GBP/USD for April 12 – 13, 2021

Buy above 1.3740 (Strong Support and SMA 21), with take profit at 1.3853 (EMA 200), stop loss below 1.3705.

Buy if rebound 1.3720 (SMA 21-H1), with take profit at 1.3853 (EMA 200), stop loss below 1.3683.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/216281/