GBP/USD: limited upward strength, 1.3090 key level - FXStreet

Valeria Bednarik, chief analyst at FXStreet, explained that the GBP/USD pair edged marginally higher above the 1.3000 handle during Wednesday's session helped by the USD weakness, as the Sterling demand remained limited.

Key Quotes:

"From a technical point of view, and in the short term, the 1 hour chart shows that  the price is now above an horizontal 20 SMA, while technical indicators head modestly higher above their mid-lines, suggesting that the pair may advance a bit more in the upcoming hours. In the 4 hours chart, however, the price is unable to clearly settle above its 20 SMA, while technical indicators have lost upward strength and turned flat below their mid-lines, indicating a limited upward potential. The immediate short term resistance stands at 1.3035, yet only above 1.3090, this week high, the pair will be able to advance further and shrug of the strong negative tone, at least temporarily."