At press time, GBP/USD continues scaling higher, up 0.33% on a day to 1.2515, while Thursday’s 4-hour chart is pointing to overbought conditions and strong resistance at 1.2550, FXStreet’s analyst Yohay Elam reports. Key quotes “The Relative Strength Index on the 4-hour chart is around 70 – entering overbought conditions and implying a downside correction. On the other hand, GBP/USD is trading above the 50, 100, and 200 Simple Moving Averages after the recent surge, and benefits from upside momentum. Moreover, cable has decisively broken above the stubborn downtrend resistance line.” “Strong resistance awaits at 1.2550, a high point in late June and that could test overbought conditions. Further above, the next line to watch is 1.2620, followed by 1.2680.” “Some support awaits at the round 1.25 level, followed by 1.2455, which provided support early in the day. The next levels are the former separator of ranges at 1.24 and 1.2340.” 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 Russia’s Novak: No decisions on OPEC+ deal change yet FX Street 3 years At press time, GBP/USD continues scaling higher, up 0.33% on a day to 1.2515, while Thursday's 4-hour chart is pointing to overbought conditions and strong resistance at 1.2550, FXStreet’s analyst Yohay Elam reports. Key quotes “The Relative Strength Index on the 4-hour chart is around 70 – entering overbought conditions and implying a downside correction. On the other hand, GBP/USD is trading above the 50, 100, and 200 Simple Moving Averages after the recent surge, and benefits from upside momentum. Moreover, cable has decisively broken above the stubborn downtrend resistance line.” “Strong resistance awaits at 1.2550, a high point in… 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.
