GBP/USD: Bears enjoy a marginal lead

GBP/USD Monday's four-hour chart is painting a mixed picture for the cable, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“GBP/USD is suffering from downside momentum but is trading above the 100 Simple Moving Average, battling the 50 SMA, and trading below the 200 SMA. The relative Strength Index is balanced.” 

“Support awaits at 1.2210, the daily low. It is followed by 1.2140, a low point in late March.”

“Resistance is at 1.2320, the daily high and a support line from last week. It is followed by 1.2490, a stubborn cap in late March and early April.”

“Despite a limited range in recent days, volatility may explode later on.”