GBP/USD: Bears gain ground toward 1.2535

FXStreet Team FXStreet

GBP/USD is posting -0.35% losses to 1.2545 as Thursday's 4-hour chart is showing bears are gaining ground. Yohay Elam, an analyst at FXStreet, points out that initial support is seen just below the daily low at 1.2535.

Key quotes

“Momentum on the 4-hour chart has turned negative and GBP/USD dropped below the 50 Simple Moving Average. However, it continues trading above the100 and 200 SMAs.”

“Support awaits at 1.2535, which is where the 200 SMA hits the price and just below the daily low. The next line to watch is 1.2510, a swing low from last week, followed by the weekly trough of 1.2480.”

“Some resistance is at 1.2565, which was a low point last week, followed by 1.595, a line that worked in both ways in recent days. The triple top of 1.2670 is significant resistance.”

Author

FXStreet Team

FXStreet

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