GBP/USD: Momentum turns positive, resistance seen at the 1.2565 daily high

GBP/USD Thursday’s 4-hour chart is showing an advantage for the bulls as momentum turns positive. The cable trades at 1.2530 ahead of the BoE’s Interest Rate Decision and FXStreet’s analyst Yohay Elam sets initial resistance at 1.2565.

Key quotes
“Momentum on the 4-hour chart has turned positive and the cable has recaptured the 100 Simple Moving Average, another positive development. On the other hand, it remains capped by the 50 SMA.”

“Some resistance awaits at 1.2565, the daily high, followed by 1.2615, a swing low from early June. It is followed by 1.2680, the weekly high, and then by 1.2730.”

“Support awaits at 1.25, a psychologically significant level, followed by 1.2450, the weekly low, and then by 1.2410, where the 200 SMA hits the price.”