GBP/USD: Mild bullish outlook faces resistance at the 1.30 psychological mark

GBP/USD refreshes session tops, above mid-1.2900s, as Monday's 4-hour chart is painting a moderately-bullish picture, FXStreet’s analyst Yohay Elam reports.

Key quotes

“GBP/USD is benefiting from upside momentum on the 4-hour chart and trading above the 50 and 100 Simple Moving Averages. While it is pressured under the 200 SMA, the general picture is bullish.”

“Some resistance awaits at 1.2975, last week's high, followed by 1.30 – a psychologically significant level which also capped GBP/USD during September. It is followed by 1.3050.”

“Support is at the daily low of 1.29, followed by 1.2840, which was a swing low last week. Next, 1.28 is a strong support line, after separating ranges in late September.”