GBP/USD: Failing to take over the 1.2360 critical resistance
|Friday's four-hour chart is showing the cable's failure to crack critical resistance at 1.2360, Yohay Elam, an analyst at FXStreet, informs.
Key quotes
“While cable has set higher lows and benefits from upside momentum, its failure to conquer the 1.2360 level for the third time in recent days may not bode well. That level also converges with downtrend resistance and also the 200 Simple Moving Average.”
“Some support awaits at 1.2240, which has been separating ranges in recent days. It is followed by 1.2210, a low point early in the week.”
“Resistance beyond 1.2360 is only at 1.2470, followed by 1.2510.”
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