GBP/USD: Bullish indicators

GBP/USD Tuesday’s four-hour chart is pointing to gains for the cable, according to FXStreet’s analyst Yohay Elam.

Key quotes

“Momentum on the four-hour chart is upbeat, and the pair is trading above the 50 and 100 Simple Moving Averages – bullish indicators. The Relative Strength Index is below 70, outside overbought conditions.”

“Resistance awaits at 1.2460, a temporary cap in recent days, and mid-March. It is followed by 1.25, which held GBP/USD down in the past few days and provided support earlier in the month.”

“Support awaits at 1.2240, the daily low, followed by 1.2130, a support line from last week.”