GBP/USD rises to 1.31130, up 0.15% on a day, but Friday’s 4-hour chart is pointing to extremely overbought conditions. Yohay Elam, an analyst at FXStreet, expects the cable to fall with first support seen at 1.3070. Key quotes “The Relative Strength Index on the 4-hour chart is pointing to extremely overbought conditions, around 85. GBP/USD appears over-stretched also on the daily chart. Cable broke above the uptrend channel that had accompanied it since last week, but this move may prove unsustainable.” “The recent high of 1.3145 is the first level to watch. It is followed by 1.32, a high point in March. Further above, 1.3270 and 1.3330 are the next level to watch.” “Support awaits at 1.3070, a line that played a role in February. The next cushion is 1.3010, a temporary resistance line on the way up. Next, 1.2970 and 1.2910 await it.” 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 Bitcoin Market Update: BTC/USD resumes the recovery amid USD sell-off FX Street 3 years GBP/USD rises to 1.31130, up 0.15% on a day, but Friday's 4-hour chart is pointing to extremely overbought conditions. Yohay Elam, an analyst at FXStreet, expects the cable to fall with first support seen at 1.3070. Key quotes “The Relative Strength Index on the 4-hour chart is pointing to extremely overbought conditions, around 85. GBP/USD appears over-stretched also on the daily chart. Cable broke above the uptrend channel that had accompanied it since last week, but this move may prove unsustainable.” “The recent high of 1.3145 is the first level to watch. It is followed by 1.32, a high point… 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.
