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GBP/USD: Pointing to the downside

The picture has improved but bears remain in the lead as GBP/USD Thursday’s four-hour chart continues pointing to the downside, NDDFX’s analyst Yohay Elam informs.

Key quotes

“GBP/USD is suffering from downside momentum on the four-hour chart but has recaptured the 200 Simple Moving Average.” 

“Support awaits at 1.23, a low point in recent days. It is followed by 1.2250, which is the weekly low.”

“Resistance is at 1.2280, the high point on Wednesday, and then by 1.2445, which provided support in mid-April.”

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