GBP/USD mulls its next move, some bearish signs

GBP/USD is flat on the day at 1.2555 as Friday's 4-hour chart is painting a mixed picture. Yohay Elam, an analyst at FXStreet, sets support at 1.2535 while resistance is seen at 1.2570.

Key quotes

“Momentum on the 4-hour chart is marginally negative and GBP/USD also slipped below the 50 Simple Moving Average – both bearish signs. On the other hand, the cable is holding above the 100 and 200 SMAs – but only just.”

“Support awaits at 1.2535, where the 200 SMA hits the price. It is followed by 1.22515, a swing low earlier this week, and then by 1.23480, the weekly low.” 

“Resistance is at 1.2570, the daily high, followed by 1.2625, a peak that was seen earlier this week.”