GBP/USD Thursday’s 4-hour chart is pointing to the downside, as FXStreet’s analyst Yohay Elam notes. The cable trades at 1.2683 and the next support sits at the 1.2655 daily low.
Key quotes
“Momentum on the 4-hour chart has turned negative, a bearish sign. Moreover, cable fell below the uptrend channel, with the current break seemingly more convincing than the previous dip. On the other hand, GBP/USD is still trading above the 50, 100, and 200 Simple Moving Averages.”
“Initial support awaits at the daily low of 1.2655, followed by 1.2620, a swing low recorded a few days ago, and then by 1.2575.”
“Some resistance awaits at 1.2730, an initial cap on the way up, followed by 1.2750, another hurdle.”
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