GBP/USD: Momentum has turned positive

GBP/USD Tuesday's four-hour chart is showing momentum has turned positive, as FXStreet’s analyst Yohay Elam notes.

FX Strategists at UOB Group also sees an uptick in momentum but the cable remains side-lined

Key quotes

“Momentum on the four-hour chart has turned positive and cable has climbed above the 50 Simple Moving Average. It is now approaching 100 SMA.” 

“Resistance awaits at 1.23, a high point last week. Further up, 1.2340 and 1.2380 were stepping stones on the way down.”

“Some support awaits at 1.2250, a former double-bottom, and the next level to watch is 1.2210, a swing high on Friday.”