GBP/USD: Downtrend resistance to brake any move higher

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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.”

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