GBP / USD nears 1.2270 level, which was a swing low at the start of May, and that’s where the simple moving average of 50 on the four-hour chart hits the price, explains FXStreet analyst Yohay Elam.
The momentum has become positive but fair. The cable is still trading below 100 and 200 SMA while the relative strength index is balanced. “
“Above 1.2270, the following resistance lines are 1.2340, 1.2375 and 1.2460 were all stepping stones going down.”
“Some support is expected at 1.2250, which is provided in April and May, and it is followed by 1.2165, an old double bottom.”