GBP/USD: Upbeat development for the bulls
GBP/USD Tuesday's four-hour chart is painting an improved picture. Yohay Elam, an analyst at FXStreet, takes a look at the cable’s technical outlook.
“Momentum on the four-hour chart has turned to the upside – an upbeat development for the bulls. On the other hand, GBP/USD trades below the 50, 100, and 200 Simple Moving Averages.”
“Immediate resistance awaits at 1.18, a round level that also capped it last week. The next level to watch is Friday's high of 1.1940, followed by 1.20.”
“Support awaits at 1.1530, a low point on Friday, followed by 1.1450, which provided support on Monday and also last week.”