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GBP/USD: Bears are gaining ground

GBP/USD Tuesday’s four-hour chart is pointing to further losses for the cable, NDDFX’s analyst Yohay Elam informs.

Key quotes

“GBP/USD has slipped to the lowest in nearly two weeks and dipped below the 100 Simple Moving Average on the four-hour chart. Moreover, momentum remains to the downside.” 

“Support awaits at the daily low of 1.2388, followed only at 1.2280, which was a stepping stone on the way up in early April.”

“Resistance awaits at 1.2445, which was a support line last week, and it is followed by the stubborn resistance line of 1.2525.”

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