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GBP/USD holds steady just above the 1.2900 mark while Wednesday’s 4-hour chart is showing that momentum turned positive, yet strong resistance looms at 1.3045, FXStreet’s analyst Yohay Elam reports.

Key quotes

“Pound/dollar’s recent stability helped turn momentum on the 4-hour chart to positive. The Relative Strength Index is stable while cable still trades below the 50, 100, and 200 Simple Moving Averages. Overall, bears are in the lead, but bulls are lifting their heads.” 

“Support awaits at 1.2875, the daily low. It is followed by 1.2815, a swing low from earlier this week. Strong support is at 1.2765, which is September’s low.” 

“Some resistance is at 1.2925, the weekly high, followed by strong resistance at 1.3045, which capped GBP/USD last week. Further up, 1.3145 and 1.3180 await sterling.”