GBP/USD: Uptrend support lost

GBP/USD Tuesday's four-hour chart is pointing to the downside as the cable has dropped below the uptrend support in a more decisive manner than beforehand, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“Momentum on the four-hour chart has turned negative and the GBP/USD pair dropped below the 50 and 100 Simple Moving Averages.” 

“Support awaits at 1.2405, which is May's low, followed by 1.2380, a swing low in late April.” 

“Some resistance awaits at 1.2445, where the 50 and 100 SMAs nearly converge, followed by a daily high of 1.2480.”