GBP/USD: Mixed technical picture leaves little room for gains

GBP/USD is flat trading at 1.2272 with Thursday's four-hour chart painting a mixed picture, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“GBP/USD has dropped below the 100 Simple Moving Average on the four-hour chart and also trades below the 200 SMA. However, it is holding above the 50 SMA and enjoys upside momentum.” 

“Resistance awaits at 1.2275, the daily high, followed by 1.2335, a stepping stone on the way down in mid-May.” 

“Support awaits at 1.2205, Thursday's swing low, followed by 1.2160, the weekly trough.”