Momentum has turned to the downside and GBP/USD dropped below the 100 SMA, both bearish developments, Yohay Elam, an analyst at FXStreet, informs.
Key quotes
“The four-hour chart is showing that GBP/USD is hovering above critical resistance at 1.2435. This is the meeting point of 50 Simple Moving Average and the uptrend support line accompanying the currency pair since April 21. It was a slow temporary support line last week.”
“Below 1.2435, the next support line is 1.2385, which cushioned the cable last week.”
“Resistance is at 1.2520, which held cable down last week, followed by 1.2575, which played a role earlier in April.”
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