GBP/USD: The technical picture is mixed

Yohay Elam, an analyst at FXStreet, examines the GBP/USD late May's daily chart which is painting a mixed picture.

Key quotes

“GBP/USD is trading in an upwards channel of sorts and has also topped the 50-day Simple Moving Average. However, momentum remains to the downside and the currency pair remains below the 100 and 200 SMAs.” 

“Resistance awaits at 1.24, a round number, and also a support line several times in April. Next up, 1.2470 was a swing high in early May.” 

“Further down, 1.2285 capped cable in mid-May. The next level is 1.2250, which was a trough in mid-April. It is followed by 1.2210, a low point in late May, followed by 1.2160, also a low point from the same time.”