GBP/USD: Death cross pattern to be triggered

GBP/USD early April's daily chart is showing the death cross pattern, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“GBP/USD is still suffering from downside momentum on the daily chart and is trading below the 50, 100, and 200-day Simple Moving Averages. However, momentum is off the lows, and the Relative Strength Index has stabilized.”

“Resistance awaits at 1.2330, a support line from late March. Further up, 1.2485, which was a stubborn cap in late March and early April. The next noteworthy cap is only at 1.2670, which is the confluence of the 50 and 200-day SMAs.”

“Some support awaits at 1.2240, a swing low from the same period and also a support line from early April. It is emerging as a double-bottom. Next, 1.2110 was a stepping stone on the way down and 1.1980 capped GBP/USD capped it on the way up.”