GBP/USD: Bears are in the lead

Bears are in the lead after GBP/USD slipped below the uptrend support line that accompanied it since late last week, FXStreet’s analyst Yohay Elam reports.

Key quotes

“Several days of range-trading have stabilized both the Relative Strength Index and momentum on the four-hour chart. The cable is trading above the 50 and 100 Simple Moving Averages but below the 200 SMA.”

“Support awaits at 1.2325, which was was a cushion earlier this week. It is followed by 1.2250, a swing low from earlier this week.”

“Resistance awaits at 1.2450, which held cable temporarily down during this week. It is followed by the stubborn resistance line of 1.2490.”