GBP/USD: Momentum stays to the downside

GBP/USD steadily climbs beyond the 1.3300 mark but Friday's 4-hour chart is showing that momentum remains to the downside, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“Despite the stabilization, momentum on the 4-hour chart remains to the downside. Cable is struggling to recapture the 50 Simple Moving Average while still holding above the 100 and 200 SMAs.”

“Support awaits at 1.3240, Thursday's low, followed by 1.3175 and 1.3120, both stepping stones on the way up. The next lines to watch are 1.3050 and 1.30.”

“Resistance is at 1.33, a round level that worked in both directions. It is followed by 1.3360, which capped GBP/USD both on the way and when descending. The next levels to watch are 1.3420, 1.3480, and 1.3510.”