GBP/USD bounces down, up beyond 1.2200, then, that, on Thursday, at four o’clock in the graph is painting a mixed picture, Yohai Elam, an analyst at FXStreet, reports.
The key is what others have said
“The GBP/USD has just dropped below the 50 Simple moving Average on the four hour chart, but the momentum is still rising, the balance of the image. The cable trades below the 100 and 200 SMAs, and the Relative Strength Index is in equilibrium.”
Support awaits at 1.2165, a former double bottom is that it has provided support last week. Further down, the May or of 1.2075 to the next level to watch.”
“A certain resistance is at 1.2270, which was a swing low in early May. Earlier, the 1.23 is the level to watch.”