GBP/USD: 1.220 resistance broken amid a mixed technical picture

GBP/USD bounces off lows, climbs further beyond 1.2200 while Thursday's four-hour chart is painting a mixed picture, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“GBP/USD has dropped below the 50 Simple Moving Average on the four-hour chart yet momentum remains to the upside, balancing the picture. The cable trades below the 100 and 200 SMAs and the Relative Strength Index is balanced.”

“Support awaits at 1.2165, a former double-bottom that provided support last week. Further down, the May trough of 1.2075 is the next level to watch.”

“Some resistance is at 1.2270, which was a swing low in early May. Further up, 1.23 is the next level to watch.”