GBP/USD: Momentum has failed to turn positive

The recent GBP/USD fall has placed the uptrend support line at risk, while the SMAs defend the downtrend resistance line, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“Momentum on the four-hour chart temporarily turned positive but have fallen to the negative ground once again. Moreover, GBP/USD is trading below the 50, 100, and 200 Simple Moving Averages.” 

“Support awaits at 1.2310, a low point from last week, followed by 1.2270 and 1.2250.” 

“Resistance is at 1.2250, the daily high, followed by 1.2385, and further above by 1.2470.”