GBP/USD breaks the 1.2645 double-top, more gains to come

GBP/USD Friday's 4-hour chart shows a break above the double-resistance at 1.2645 and potential for more gains, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“GBP/USD broke above the double-top of 1.2645 which held it down in April. Before making the move, the cable found support at the top of the uptrend channel that supported it in May. Another positive sign is that the Relative Strength Index is below 70, outside the overbought territory.”

“1.2690 is the first resistance line to watch, and it is followed by levels last seen before coronavirus – 1.2720, 1.2780, 1.2825.” 

“Support below 1.2645 is at 1.2575, which provided support in recent days, 1.25, a swing low from this week, and 1.2470, a peak from May.