GBP/USD: Ready to rally

The cable is set to rally as the technical picture is improving, according to  FXStreet analyst Yohay Elam. GBP/USD is trading slightly below the 1.30 mark.

Key quotes

“Momentum on pound/dollar's four-hour chart has turned positive and the pair is edging closer to the 50 Simple Moving Average. GBP/USD continues advancing after breaking above the steep downtrend resistance line that accompanied it earlier in the month.”

“Resistance awaits at 1.30, the round number which also capped cable last week. Next, 1.3060 was a resistance line beforehand and also converges with the 200 Simple Moving Average.”