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GBP/USD Thursday’s four-hour chart is still leaning to the downside, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“The Relative Strength Index on the four-hour chart has bounced above 30, thus exiting oversold conditions and allowing for more falls. On the other hand, downside momentum has eased. The cable is battling the 200 Simple Moving Average while trading below the 50 and 100 SMAs.” 

“Support awaits at 1.2350, which separated ranges, with more substantial support at 1.2310, the daily low.” 

“Resistance is at 1.2385, a swing low from late April, and then 1.2420, the daily high.”