Friday’s four-hour chart is pointing to a resumption of the falls in the cable, according to Yohay Elam from FXStreet. GBP/USD is trading at 1.2928 right now. Key quotes “Sterling’s recovery has been enough to push it out of oversold conditions according to the Relative Strength Index on the four-hour chart. However, momentum remains to the downside while it faces massive resistance. The 50, 100, and 200 Simple Moving Averages are converging around 1.30 and may prove a hard barrier for the pound.” “Initial resistance awaits at 1.2975 which was a swing low last week. The round number of 1.30 almost converges with the 200 SMA.” “Support awaits at 1.29, a round number that provided support in January.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fed’s Bullard: Financial stability risks are moderate at this point FX Street 2 years Friday's four-hour chart is pointing to a resumption of the falls in the cable, according to Yohay Elam from FXStreet. GBP/USD is trading at 1.2928 right now. Key quotes “Sterling's recovery has been enough to push it out of oversold conditions according to the Relative Strength Index on the four-hour chart. However, momentum remains to the downside while it faces massive resistance. The 50, 100, and 200 Simple Moving Averages are converging around 1.30 and may prove a hard barrier for the pound.” “Initial resistance awaits at 1.2975 which was a swing low last week. The round number of 1.30… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
