GBP/USD: Failing to take over the 1.2360 critical resistance

FXStreet Team FXStreet

Friday's four-hour chart is showing the cable's failure to crack critical resistance at 1.2360, Yohay Elam, an analyst at FXStreet, informs.

See: GBP/USD above 1.2363 would break the March downtrend to re-expose the April highs at 1.2643/48 – Credit Suisse

Key quotes

“While cable has set higher lows and benefits from upside momentum, its failure to conquer the 1.2360 level for the third time in recent days may not bode well. That level also converges with downtrend resistance and also the 200 Simple Moving Average.”

“Some support awaits at 1.2240, which has been separating ranges in recent days. It is followed by 1.2210, a low point early in the week.”

“Resistance beyond 1.2360 is only at 1.2470, followed by 1.2510.”

Author

FXStreet Team

FXStreet

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