GBP/USD: Bulls asking out the pound
|Gains on the cable are set to continue as technical indicators point at that, according to an analyst at FXStreet Yohay Elam.
Key quotes
“The four-hour chart provides a favorable outlook for cable bulls. GBP/USD has surpassed the 200 Simple Moving Average, after topping the 50 and 100 SMAs. Momentum is to the upside while the Relative Strength Index is still below 70 – outside overbought conditions.”
“Resistance awaits at Thursday's high of 1.3070, which was also a swing high last week. It is followed by 1.3110, a stepping stone on the way up in late January.”
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.