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Wednesday’s four-hour chart is showing that the double-top of 1.3070 is the next critical line for the cable, according to analyst at FXstreet Yohay Elam. 

Key quotes

“The 50, 100, and 200 Simple Moving Averages are converging toward 1.30, which has become a central line for the pair. Momentum is not robust, but its turn to the downside serves as a bearish factor. The Relative Strength Index is balanced.”

“Overall, the picture is mixed with a marginal advantage for the bears.” 

“Some support awaits at 1.2970, a swing high hit earlier this week. It is followed by 1.2940.”

“Resistance awaits at the critical double-top of 1.3040. It is followed by 1.3110.”