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The GBP/USD pair is trading at daily highs above the 1.3080 mark despite Friday’s 4-hour chart is showing that momentum turned to the downside. On the flip side, support is seen at the daily low of 1.3048, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“GBP/USD has fallen over the 50 Simple Moving Average on the 4-hour chart and momentum has turned negative – both bearish signs. Moreover, the recent swing high fell short of the previous one – a lower high – which is another downside driver.”

“Support awaits at the daily low of 1.3048, followed by the stubborn 1.3005 which is the weekly low. Further down, 1.2950 and 1.2905 are eyed.”

“The cable has just surpassed the initial resistance at the daily high of 1.3075, which is followed by the weekly high of 1.3135. Further above, 1.3183 is August’s peak.”