GBP/USD: Suffering downside momentum

GBP/USD Friday's four-hour chart is pointing to further falls as bears are in the lead, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“GBP/USD is suffering from downside momentum on the four-hour chart and trades below the 50 and 100 Simple Moving Averages. However, it has recaptured the 200 SMA.”

“Support awaits at 1.23, which provided support on Thursday. It is followed by 1.2250, which is the weekly low.”

“Resistance is at 1.2405, which provided support last week and capped the cable on Thursday. It is also where the 100 SMA hits the price.”