GBP/USD: The cable can continue lower

GBP/USD Thursday's four-hour chart is pointing to losses to levels last seen in March, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“Momentum on the four-hour chart remains to the downside and the Relative Strength Index is holding above 30, thus outside oversold conditions. Moreover, the cable is trading below the 50, 100, and 200 Simple Moving Averages.” 

“Support awaits at 1.2165, which was April's low. The next support line is only at 1.1980, which dates back to March.” 

“The previous trough of 1.2250 is a resistance line. It is followed by 1.2270, and then by 1.2340, a swing high earlier this week.”