GBP/USD - 4 Hourly

GBPUSD has continued to drop over recent sessions as the US dollar gained in value.

The pound this week continued to fall this week, however, seems to have found temporary support at $1.2400. MACD is negative but looks to cross over positive, with RSI also turning up. Towards the upside, the pound does face some resistance namely at $1.2450. A break above here could see the FX pair move higher towards0 $1.2489, followed by $1.2512 (50 SMA). With markets rallying as they have done, persistence in the positive tune could be bullish for cable in the medium term.