GBP/USD: Bears remain in the lead but do not have full control

GBP/USD Friday's four-hour chart is pointing to the downside, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“GBP/USD is battling with the 200-day Simple Moving Average on the four-hour chart and trades below the 100 and 200 SMAs. Momentum is to the downside.” 

“Support is at 1.2310, a low point on Thursday. The swing low of 1.2270 is the next line to watch and is closely followed by 1.2250, a trough from late April.” 

“Resistance awaits at 1.2420, which was a peak on Thursday and converges with the 100 SMA. It is followed by 1.2450, which capped cable in late April.”