GBP/USD: Downtrend resistance points lower

GBP/USD repeats its inability to stay bid beyond 1.2500, currently trading around 1.2470, as Tuesday's 4-hour chart is showing that cable is capped under downtrend resistance, FXStreet’s analyst Yohay Elam briefs. 

Key quotes

“Cable is capped under a moderate downtrend resistance line set by lower highs. Momentum on the 4-hour chart has turned to the downside but the GBP/USD pair is still holding above the 50, 100, and 200 Simple Moving Averages on the 4-hour chart.” 

“Support awaits at 1.2440, a low point early in the month, followed by 1.24, a stubborn cap from last week.” 

“Resistance is at 1.2525, Monday's high, followed by 1.2550, the late June peak.”