GBP/USD pointing to additional falls

GBP/USD is trading close to 2020 lows once again. Monday's four-hour chart is pointing to additional falls, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“The cable is suffering from downside momentum and trades below the 50, 100, and 200 Simple Moving Averages. The Relative Strength Index is still above 30, outside oversold conditions, and thus allowing for more falls.”

“Support awaits at 1.2730, which was the low point on Friday and the 2020 low. It is closely followed by 1.2705.” 

“Resistance is at 1.2850, a high point today and a swing low in mid-February. It is followed by 1.2920, a high point last week.”