GBP/USD trades at 1.2359, up 0.19% on a day, but Monday’s 4-hour chart is pointing to the downside with the next support seen at 1.2340, Yohay Elam, an analyst at FXStreet, informs. Key quotes “GBP/USD is trading under the 50, 100, and 200 Simple Moving Averages on the 4-hour chart and momentum remains to the downside. The Relative Strength Index is above 30, thus outside oversold conditions. Moreover, any recovery attempt may be capped by the downtrend resistance line that has been looming over cable since mid-June.” “Support awaits at 1.2340, a support line from two weeks ago, followed by 1.2315, Friday’s low.” “Resistance is at 1.24, a round number that also provided support in mid-June. It is followed by 1.2465, a swing high from last week, and then by 1.25, another round number.” 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 Philippines: Further easing to fight the pandemic – UOB FX Street 2 years GBP/USD trades at 1.2359, up 0.19% on a day, but Monday's 4-hour chart is pointing to the downside with the next support seen at 1.2340, Yohay Elam, an analyst at FXStreet, informs. Key quotes “GBP/USD is trading under the 50, 100, and 200 Simple Moving Averages on the 4-hour chart and momentum remains to the downside. The Relative Strength Index is above 30, thus outside oversold conditions. Moreover, any recovery attempt may be capped by the downtrend resistance line that has been looming over cable since mid-June.” “Support awaits at 1.2340, a support line from two weeks ago, followed by… 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.
