GBP/USD sees initial resistance at 1.2930 amid a mixed technical outlook

GBP/USD keeps bounces off 1.2836 to print a two-day winning streak whereas Tuesday's 4-hour chart is painting a mixed technical picture. Resistance is seen at 1.2930, on the flip side, the 1.2835 daily low marks the initial support, FXStreet’s Yohay Elam briefs.

More – GBP/USD attempts to recover towards 1.3070 – Commerzbank

Key quotes

“Momentum on the 4-hour chart is positive and sterling trades above the 50 Simple Moving Average. However, it has failed to recapture the 100 SMA and is well below the 200 SMA. All in all, the picture is mixed.” 

“Support awaits at the daily low of 1.2835, followed by 1.2760 and 1.2680.” 

“Resistance is at 1.2930, a level recorded on Monday, followed by 1.30 – a psychologically significant level, which also held cable down in mid-September. The next levels to watch are 1.3040 and 1.3145.”