GBP/USD: At daily highs despiste negative momentum
|The GBP/USD pair is trading at daily highs above the 1.3080 mark despite Friday's 4-hour chart is showing that momentum turned to the downside. On the flip side, support is seen at the daily low of 1.3048, FXStreet’s analyst Yohay Elam briefs.
Key quotes
“GBP/USD has fallen over the 50 Simple Moving Average on the 4-hour chart and momentum has turned negative – both bearish signs. Moreover, the recent swing high fell short of the previous one – a lower high – which is another downside driver.”
“Support awaits at the daily low of 1.3048, followed by the stubborn 1.3005 which is the weekly low. Further down, 1.2950 and 1.2905 are eyed.”
“The cable has just surpassed the initial resistance at the daily high of 1.3075, which is followed by the weekly high of 1.3135. Further above, 1.3183 is August's peak.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.