GBP/USD: Experiencing downside momentum

Pound/dollar Tuesday's four-hour chart is pointing to further losses as bears are in the lead, according to FXStreet’s analyst Yohay Elam.

Key quotes

“GBP/USD is experiencing downside momentum on the four-hour chart and trades below the 50 and 200 Simple Moving Averages. However, it is still holding above the 100 SMA.”

“Support awaits at 1.205, which provided support on Friday. The next level to watch is 1.2140, which was a cushion in late March.”

“Resistance is at 1.2330, which capped cable on Monday. Further above, substantial resistance is at 1.2390, a stubborn cap from last week.”