GBP/USD: Strong resistance broken

The GBP/USD pair has broken above the strong resistance line at 1.2850, as FXStreet’s analysts Yohay Elam notes. Here are the next levels to watch in his opinion.

Key quotes

“The cable has broken above 1.2850, which was a strong resistance line, and it also surpassed the 50 Simple Moving Average on the four-hour chart. It is now flirting with the 100 SMA. Momentum has turned positive – another bullish sign.”

“Resistance awaits at 1.2950, a swing high from late February. IT is followed by 1.2980, which was a high point beforehand.”

“Support awaits at 1.2850 mentioned earlier and 1.2770 – a recent swing low.”