The cable Wednesday’s four-hour chart is pointing to further falls, according to Yohay Elam from FXStreet. GBP/USD is trading at 1.279, after failing to capitalize on the Fed’s rate cut.
Key quotes
“Momentum on the four-hour chart is to the downside, and the currency pair trades well below the 50, 100, and 200 Simple Moving Averages. Another bearish sign is that the Relative Strength Index is above 30 – outside oversold conditions.”
“Some support awaits at the daily low of 1.2780, followed by 1.2760, which was a cushion early in the week.”
“Looking up, 1.2850 is a strong resistance line after separating ranges in late February and early March.”
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