GBP/USD: Momentum has turned positive

GBP/USD Monday's four-hour chart is pointing to further gains as momentum has turned positive, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“Momentum on the four-hour chart has turned positive and the cable has broken above the 50 and 100 Simple Moving Averages, a positive sign. The Relative Strength Index remains below 70, outside overbought conditions.”

“Resistance awaits at the daily high of 1.2455, followed by 1.2525, which held cable down last week.” 

“Support is at 1.2405, which provided support last week and remains a separator of ranges. Further down, 1.23 was a cushion late last week.”