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GBP/USD Thursday’s four-hour chart is pointing to further gains, according to FXStreet’s analyst Yohay Elam reports.

Key quotes

“GBP/USD has surpassed the 50 Simple Moving Average on the four-hour chart and is benefiting from upside momentum, two bullish developments. It remains below the 200 SMA but above the 100 SMA.”

“Resistance awaits at 1.2420, the daily high, and then by the stubborn resistance line of 1.2490.”

“Some support awaits at the daily low of 1.2360, followed by 1.2280, a support line from earlier this week.”