GBP/USD trades at 1.2442, up 0.20%m while Thursday’s 4-hour chart is showing downtrend resistance may cap any recovery attempt, according to FXStreet’s analyst Yohay Elam. Key quotes “Downtrend resistance has been looming over cable since mid-June. While momentum on the 4-hour chart remains to the upside, the GBP/USD pair is struggling to hold onto the 200 Simple Moving average after falling below the 50 SMA.” “Significant support waits at 1.24, the daily low and a cushion last week. The weekly low of 1.2340 is the next level to watch before the round 1.23 line.” “Resistance awaits at 1.2460, which was a swing high last week. It is followed by 1.25, another round number that also served as support last week.” 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 Litecoin Price Analysis: LTC/USD needs to recover above $43.50 to improve the short-term picture FX Street 2 years GBP/USD trades at 1.2442, up 0.20%m while Thursday's 4-hour chart is showing downtrend resistance may cap any recovery attempt, according to FXStreet’s analyst Yohay Elam. Key quotes “Downtrend resistance has been looming over cable since mid-June. While momentum on the 4-hour chart remains to the upside, the GBP/USD pair is struggling to hold onto the 200 Simple Moving average after falling below the 50 SMA.” “Significant support waits at 1.24, the daily low and a cushion last week. The weekly low of 1.2340 is the next level to watch before the round 1.23 line.” “Resistance awaits at 1.2460, which was… 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.
