GBP/USD is trading just above the 1.29 mark, up 0.2% on the day, as Wednesday's 4-hour chart is painting a moderately bullish picture. First resistance awaits at 1.2950. On the flip side, some support is seen at 1.2870, FXStreet’s analyst Yohay Elam briefs.

See – GBP/USD to see further losses towards 1.2445 after failing at 1.30 – Commerzbank

Key quotes

“Pound/dollar benefits from upside momentum and has managed to rise above the 50 and 100 SMAs. However, repeated failures to break above 1.30 – reinforced by the 200 SMA – point to its limits.” 

“Resistance awaits at 1.2950, which was a high point last week, followed by 1.2980, a stepping stone on the way up this week. Above 1.30, the next line to watch is 1.3040.” 

“Support awaits at 1.2870, which is the daily bottom, followed by 1.2820, a swing low last week. The next levels to watch are 1.2755 and 1.2705.”