GBP/USD Wednesday’s four-hour chart is painting a bullish picture with clear resistance at 1.2360, as FXStreet’s analyst, Yohay Elam notes. UBS expects the cable trading at 1.38 by year-end Key quotes “GBP/USD continues enjoying upside momentum on the four-hour chart and the Relative Strength Index dropped below 70 – exiting overbought conditions. The recent rise sent sterling above the 100 Simple Moving Average and the most significant resistance is at 1.2360 – Tuesday’s peak and where the 200 SMA hits the price.” “Below 1.2360, the cable is capped at 1.2340, a stepping stone on the way down from mid-May. Higher above, the next noteworthy line to watch is 1.2470, a swing high from early in the month.” “Some support is at the daily low of 1.2285, followed by 1.2250, which held it down 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 Japan’s Suga: Govt strongly concerned about the situation in Hong Kong FX Street 3 years GBP/USD Wednesday's four-hour chart is painting a bullish picture with clear resistance at 1.2360, as FXStreet’s analyst, Yohay Elam notes. UBS expects the cable trading at 1.38 by year-end Key quotes “GBP/USD continues enjoying upside momentum on the four-hour chart and the Relative Strength Index dropped below 70 – exiting overbought conditions. The recent rise sent sterling above the 100 Simple Moving Average and the most significant resistance is at 1.2360 – Tuesday's peak and where the 200 SMA hits the price.” “Below 1.2360, the cable is capped at 1.2340, a stepping stone on the way down from mid-May. Higher… 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.
