Search ForexCrunch

GBP/USD early June’s daily chart is pointing to further gains as the cable finally broke above 1.2645, a stubborn double-top and beat the 200-DMA, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“GBP/USD finally surpassed 1.2645, a tough double-top. It also won the battle against the 200-day Simple Moving Average on its way up, adding to the bullish, even though the break is yet to be confirmed.” 

“The next line to watch is 1.2735, which provided support in early March. It is followed by 1.2850, a support line from earlier this year, and then by 1.2980.” 

“The former double-top of 1.2645 remains a battle line and a separator of ranges. Significant support awaits at 1.25, which is a round number and also a swing low in early June. Next, we find 1.2360, which was a stubborn cap in late May.”