Bulls trying to get out of sterling

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Gains on the cable are expected to continue as technical indicators suggest, according to Yohai Elam, analyst at FXStreet.

 

Key quotes

 

“The four-hour chart provides a positive outlook for the cable bulls. The GBP/USD pair has crossed the 200-period simple moving average, after hitting the 50 and 100 SMAs. Momentum is to the upside while the RSI remains below 70 – outside overbought territory.”

 

“Resistance awaits Thursday's high at 1.3070, which was also last week's swing high. It is followed by 1.3110, a starting point in late January. “

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