GBP/USD: Holding above 1.2490 is critical

GBP/USD lost the uptrend support line but has not fallen too far. Thursday's four-hour chart is pointing to the upside, FXStreet’s analyst Yohay Elam reports.

Key quotes

“The cable continues trading above the 50, 100, and 200 Simple Moving Averages on the four-hour chart and momentum remains marginally positive. Holding above 1.2490, the previous stubborn cap, is critical.”

“Support awaits at 1.2445, Wednesday's low, followed by 1.2380 that capped GBP/USD on its way up last week.”

“Beyond the battle line of 1.2490, the swing high of 1.2575 awaits the currency pair.”