The cable has topped a downtrend resistance line stretching from the peak of 1.3070 in mid-February though the break has not been confirmed yet. GBP/USD Friday’s four-hour chart is pointing to a breakout above downtrend resistance but overbought conditions, Yohay Elam from FXStreet briefs. Key quotes “Bullish signs include surging above the 50, 100, and 200 Simple Moving Averages on the four-hour chart and benefiting from upside momentum.” “On the other hand, the Relative Strength Index is above 70 – indicating overbought conditions – and implying a downside correction.” “Support awaits at 1.2945, which was a stepping stone on the way down in late February. It is followed by 1.2920.” “Resistance is at 1.3020, a high point in late February. It is followed by 1.3070.” 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 US Dollar Index Price Analysis: Decline could extend to 95.34 FX Street 2 years The cable has topped a downtrend resistance line stretching from the peak of 1.3070 in mid-February though the break has not been confirmed yet. GBP/USD Friday's four-hour chart is pointing to a breakout above downtrend resistance but overbought conditions, Yohay Elam from FXStreet briefs. Key quotes “Bullish signs include surging above the 50, 100, and 200 Simple Moving Averages on the four-hour chart and benefiting from upside momentum.” “On the other hand, the Relative Strength Index is above 70 – indicating overbought conditions – and implying a downside correction.” “Support awaits at 1.2945, which was a stepping stone on the… 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.
