GBP/USD: The technical picture is mixed
|Yohay Elam, an analyst at FXStreet, examines the GBP/USD late May's daily chart which is painting a mixed picture.
Key quotes
“GBP/USD is trading in an upwards channel of sorts and has also topped the 50-day Simple Moving Average. However, momentum remains to the downside and the currency pair remains below the 100 and 200 SMAs.”
“Resistance awaits at 1.24, a round number, and also a support line several times in April. Next up, 1.2470 was a swing high in early May.”
“Further down, 1.2285 capped cable in mid-May. The next level is 1.2250, which was a trough in mid-April. It is followed by 1.2210, a low point in late May, followed by 1.2160, also a low point from the same time.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.