GBP/USD: Resistance awaits at 1.3070 after containing a move below the uptrend support

The GBP/USD pair is flat-lined around mid-1.3000s as Wednesday's 4-hour chart is painting a mixed picture. Yohay Elam, an analyst at FXStreet, sees first resistance at 1.3070 while notes that the cable held above uptrend support.

Key quotes

“GBP/USD continues suffering from downside momentum on the 4-hour chart, and trades below the 50 Simple Moving Average. On the other hand, it survived a dip below uptrend support, showing some strength.”

“Below that line, 1.3010 provided support a few days ago and provides support. It is followed by 1.2985, August's trough. The next lines to watch are 1.29 and 1.2845.”

“Resistance is at 1.3070, where the 100 SMA hits the price, and then at 1.3135, the weekly high. Further above, 1.3170 and 1.3183 await cable.”