GBP/USD: Bulls asking out the pound

Gains on the cable are set to continue as technical indicators point at that, according to an analyst at FXStreet Yohay Elam.

Key quotes

“The four-hour chart provides a favorable outlook for cable bulls. GBP/USD has surpassed the 200 Simple Moving Average, after topping the 50 and 100 SMAs. Momentum is to the upside while the Relative Strength Index is still below 70 – outside overbought conditions.”

“Resistance awaits at Thursday's high of 1.3070, which was also a swing high last week. It is followed by 1.3110, a stepping stone on the way up in late January.”