Zooming out from the rapid movements to the cable’s four-hour chart is showing a gradual uptrend, as FXStreet’s analyst Yohay Elam notes.
Key quotes
“GBP/USD is benefiting from upside momentum and the Relative Strength Index is below 70 – outside overbought conditions.”
“Initial resistance awaits at 1.1975, which was the high point on Wednesday. It is followed by 1.20, a round number which has also provided support last week.”
“Support awaits at 1.18, another round level that held the currency pair up. It is followed by 1.1710, a temporary cap earlier.”
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