GBP/USD: Bulls are in the lead but losing some strength

GBP/USD is trading at the broad uptrend but has recently set lower highs and lower lows, an initial bearish sign, FXStreet’s analyst Yohay Elam reports.

Key quotes

“GBP/USD continues trading above the 50, 100, and 200 Simple Moving Averages on the four-hour chart, and momentum is to the upside.” All in all, bulls are in the lead but losing some strength." 

“Some support awaits at 1.2450, which was a stepping stone on the way up. It is followed by 1.2390, Wednesday's low, and then by 1.2360, which capped it last week.”

“The weekly high of 1.2525 is significant resistance after holding the cable down this week and also beforehand. It is followed by 1.2575, which was a swing high in mid-April.”