GBP/USD at risk of losing the 1.28 level

GBP/USD remains in the red, down -0.3% to 1.2825, while Wednesday's 4-hour chart is painting a mixed picture. Resistance is seen at 1.2870 whereas support awaits the cable at 1.2805, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“GBP/USD's positive momentum on the 4-hour chart is diminishing and it continues struggling with the 100 Simple Moving Average. On the other hand, the 50 SMA seems to support cable.” 

“Support awaits at 1.2805, which was a swing high last week, followed by 1.2765, which cushioned it earlier in the month. The next levels to watch are 1.2710 and 1.2675.” 

“Resistance is at 1.2870, the daily high, followed by the weekly high of 1.2935. Further above, 1.30 and 1.3040 await GBP/USD.”