GBP/USD is setting higher highs and higher lows, in a clear uptrend. Yohay Elam from FXStreet analyzes Wednesday’s four-hour chart which is pointing to the upside.
Key quotes
“Momentum on the four-hour chart remains to the upside and the currency pair surpassed the 50, 100, and 200 Simple Moving Averages. The Relative Strength Index is maintaining a safe distance from the 70 level, thus remains far from overbought conditions.”
“Resistance awaits at 1.2525, which is the weekly high and a level that also capped GBP/USD in mid-April. It is followed by 1.2575, a swing high.”
“Support is at 1.2450, which capped cable earlier this week, and it is followed by 1.24, which provided support in recent days.”
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