Gains on the cable are set to continue as technical indicators point at that, according to an analyst at FXStreet Yohay Elam.
Key quotes
“The four-hour chart provides a favorable outlook for cable bulls. GBP/USD has surpassed the 200 Simple Moving Average, after topping the 50 and 100 SMAs. Momentum is to the upside while the Relative Strength Index is still below 70 – outside overbought conditions.”
“Resistance awaits at Thursday’s high of 1.3070, which was also a swing high last week. It is followed by 1.3110, a stepping stone on the way up in late January.”
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