GBP/USD enjoys upside momentum and points to gains

GBP/USD managed to find some support near mid-1.3000s and rallied over 50 pips earlier in the morning. At press time, the cable trades flat around 1.3080 but Friday's 4-hour chart is still pointing to gains, Yohay Elam, an Analyst at FXStreet, reports.

Key quotes

“Pound/dollar is benefiting from upside momentum on the 4-hour chart and is holding well above the 50, 100, and 200 Simple Moving Averages – bullish signs. The cable is capped by an uptrend resistance line that is distant at this point.”

“Resistance awaits at 1.3115, the daily high, followed by 1.3175, October´s peak. The next upside target is 1.3240.” 

“Some support awaits at 1.3080, the previous monthly high, followed by 1.3050, the daily low, and 1.3025, a high point early in the week.”