GBP/USD breaks below uptrend support line and 50-SMA, support seen at 1.2360

GBP/USD has broken below the uptrend support line at 1.2460 that has accompanied it since the dark days of March and also during May's upswing and mid-June's daily chart is showing bears are gaining some ground, Yohay Elam, an analyst at FXStreet, briefs.

Key quotes 

“Confirmation of the breakout and a loss of upside momentum is necessary for another push to the downside. Nevertheless, trading below the 100 and 200 and SMAs adds to the case for more falls.” 

“The next support line is at 1.2360, which capped cable in late May. It is followed by 1.23, which was a swing high in mid-May, and then by 1.2250, a support line from April.”

“The 50-day SMA hits the price around 1.2410, and that remains a battle line. Some resistance awaits at 1.2460, which provided support in mid-June. It is followed by 1.2680, a swing high from the same time, and close to where the 200-day SMA hit the price.”