Yohay Elam, an analyst at FXStreet, expects the cable to experience a downward correction before the next move up as Thursday’s 4-hour chart is pointing to overbought conditions. Key quotes “GBP/USD has entered overbought territory according to the Relative Strength Index on the 4-hour chart – which is above 70. Cable continues trading above the 50, 100, and 200 Simple Moving Averages, and momentum remains positive.” “Resistance awaits at 1.2680, a peak in mid-June. It is followed by 1.2730, a stepping stone on the way up earlier last month.” “Support is at 1.2590, a swing high from earlier this week, followed by 1.2550, a peak in late June.” 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 WTI on the back foot above $40.50, in search of a clear direction FX Street 3 years Yohay Elam, an analyst at FXStreet, expects the cable to experience a downward correction before the next move up as Thursday's 4-hour chart is pointing to overbought conditions. Key quotes “GBP/USD has entered overbought territory according to the Relative Strength Index on the 4-hour chart – which is above 70. Cable continues trading above the 50, 100, and 200 Simple Moving Averages, and momentum remains positive.” “Resistance awaits at 1.2680, a peak in mid-June. It is followed by 1.2730, a stepping stone on the way up earlier last month.” “Support is at 1.2590, a swing high from earlier this week,… 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.
