GBP/USD late April’s daily chart is painting a mixed picture, in the opinion of FXStreet’s analyst Yohay Elam.
Key quotes
“GBP/USD has been setting higher lows and higher highs, a bullish sign. On the other hand, upside momentum on the daily chart is waning and the cable trades below the 50, 100, and 200-day Simple Moving Averages.”
“Support awaits at 1.2250, the mid-April low. It is followed by the monthly trough of 1.2160, which is also the first cushion after prices stabilized.
“Resistance is at 1.2405, which separated ranges during April. It is followed by the round 1.25 level, which capped GBP/USD in late March and is where the 50-day SMA hits the price.”
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