GBP/USD: Critical support in danger

GBP/USD is trading in a range between 1.24 and 1.2525. Monday's four-hour chart is showing that critical support is getting close, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“Downside momentum on the four-hour chart is picking up steam and the cable is trading just below the 50 Simple Moving Average. However, GBP/USD is holding above the 100 and 200 SMAs.”

“Critical support awaits at 1.24, which is not only the low point last week but also where the 100 SMA hits the price. Below that line, 1.2280 was a stepping tone on the way up.”

“Resistance above 1.2525 awaits at 1.2570, which was a swing high last week.”