GBP/USD: 1.30 barrier remains hard to break

Tuesday's 4-hour chart is painting a bullish picture, yet 1.30 remains a robust barrier. Next resistance will await at 1.3050, while some support is seen at 1.29, FXStreet’s analyst Yohay Elam reports.

Key quotes

“The 1.30 level is proving hard to break. The round number limited cable's advance on Tuesday and also in mid-September. Moreover, the 200 Simple Moving Aveage on the 4-hour chart is zeroing in on that figure.” 

“Other indicators are upbeat – momentum is to the upside, the Relative Strength Index is not indicating overbought conditions and the pair is trading above the 100 and 200 SMAs.” 

“Looking above 1.30, resistance is at 1.3050, followed by 1.3145, and 1.3175.” 

“Support is seen at 1.29, which was a low point earlier this week, followed by 1.2840 and 1.28.”