GBP/USD trades just above 1.2550, up 0.08% on a day, as Wednesday’s 4-hour chart is painting a bullish picture as the cable is above all its moving average and enjoying upside momentum, FXStreet’s analyst Yohay Elam informs. Key quotes “GBP/USD has broken above a downtrend support line that capped it since late June and is trading above the 50, 100, and 200 Simple Moving Averages on the 4-hour chart. It is also benefiting from upside momentum. The Relative Strength Index is nearing 70 – indicating overbought conditions. Another move higher and the RSI may play against the cable.” “Resistance awaits at the recent peak of 1.2590. It is followed by 1.2680, which was a high point in mid-June.” “Looking down, support is at 1.2525, a temporary peak from early in the month. It is followed by 1.2460, the weekly low, and then by 1.24, a round level that also held GBP/USD down last week.” 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 GBP/USD: Will Sunak send sterling higher? Brexit, Hong Kong, US coronavirus could cap climb Yohay Elam 3 years GBP/USD trades just above 1.2550, up 0.08% on a day, as Wednesday's 4-hour chart is painting a bullish picture as the cable is above all its moving average and enjoying upside momentum, FXStreet’s analyst Yohay Elam informs. Key quotes “GBP/USD has broken above a downtrend support line that capped it since late June and is trading above the 50, 100, and 200 Simple Moving Averages on the 4-hour chart. It is also benefiting from upside momentum. The Relative Strength Index is nearing 70 – indicating overbought conditions. Another move higher and the RSI may play against the cable.” “Resistance awaits… 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.
