GBP/USD: Bears are at an advantage

GBP/USD Monday's four-hour chart is showing an advantage for bears, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“Momentum on the four-hour chart is pointing to the downside and cable is capped by the 50 and 100 Simple Moving Averages. It is still trading above the 200 SMA.”

“Support awaits at 1.2380, which was a low point in late April, and then 1.2355, which was a swing low on Friday.”

“Resistance is at 1.2470, a swing high from last week, followed by 1.2520, a peak in late April.”