GBP/USD is sidelined as trades at 1.3085 while Monday’s 4-hour chart is showing a drop below the uptrend channel. Notwithstanding, Yohay Elam, an analyst at FXStreet, notes that other technical indicators remain bullish. Key quotes “GBP/USD has dropped out of the uptrend channel that had accompanied it for over a week. Is it a bearish sign? Other indicators remain bullish – the Relative Strength Index on the 4-hour chart dropped below 70, exiting overbought conditions, while momentum remains positive.” “Support awaits at the daily low of 1.3050, followed by 1.2970, a stepping stone on the way up. The next level to watch is 1.2910, which also held cable down last week and it is where the 50 Simple Moving Average hits the price.” “Resistance is at the daily high of 1.3110, followed by the recent peak of 1.3170. The next lines to watch are 1.32 and 1.3270.” 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 EUR/USD: NFP to trigger a temporary correction FX Street 3 years GBP/USD is sidelined as trades at 1.3085 while Monday's 4-hour chart is showing a drop below the uptrend channel. Notwithstanding, Yohay Elam, an analyst at FXStreet, notes that other technical indicators remain bullish. Key quotes “GBP/USD has dropped out of the uptrend channel that had accompanied it for over a week. Is it a bearish sign? Other indicators remain bullish – the Relative Strength Index on the 4-hour chart dropped below 70, exiting overbought conditions, while momentum remains positive.” “Support awaits at the daily low of 1.3050, followed by 1.2970, a stepping stone on the way up. The next level… 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.
