GBP/USD: Nearing critical resistance

GBP/USD Wednesday's four-hour chart is showing that the cable is nearing critical resistance, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“Pound/dollar is battling 1.1925, which was a swing high last week and the break above it is yet to be confirmed. On the way up, the currency pair broke above the 50 Simple Moving Average on the four-hour chart and momentum has turned positive.”

“Resistance awaits at 1.20, a round number that provided support last week. The next level to watch is 1.2120.”

“Support awaits at 1.18, which was a swing high last week, followed by 1.1710, which held it down early this week.”