GBP/USD has been advancing amid coronavirus-linked USD weakness but technically the pair remains under pressure. Friday’s four-hour chart is pointing to further falls, as FXStreet’s Yohay Elam notes.
“The cable remains under pressure after breaking below uptrend support. Moreover, it is capped by the 50, 100, and 200 Simple Moving Averages on the four-hour chart, suffers from downside momentum – and is outside oversold conditions. The Relative Strength Index is above 30.”
“Support awaits at the recent low of 1.2860, closely followed by 1.2850 – the 2020 low.”
“Resistance is at 1.2920, followed by 1.2945.”