GBP/USD is trading above the 50, 100, and 200 Simple Moving Averages on the four-hour chart and momentum is to the upside. However, it has been setting lower highs in recent days, taking some of the sting out of the bullish case.
Resistance awaits at the daily high of 1.2510, followed by 1.2550, a peak in late June. The next levels to watch are 1.2620 or 1.2680.
Support is at 1.2440, a low point on Friday, followed b 1.24, a round number that also capped cable last week. Next, 1.2340 and 1.23 are eyed.
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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