GBP/USD: Bulls are in control

GBP/USD snaps a three-day winning streak as is down -0.3% on the day to 1.3345 though Wednesday's 4-hour chart is showing bulls are in control, according to FXStreet’s analyst Yohay Elam.

Key quotes

“GBP/USD continues benefiting from upside momentum on the 4-hour chart and trades above the 50, 100, and 200 Simple Moving Averages – positive signs. Moreover, the Relative Strength Index exited overbought conditions by falling below 70.”

“Cable is struggling with 1.3370, which held it down early in the week. The round 1.33 level was a stepping stone on the way up, and it is followed by 1.3265, which was a stubborn cap earlier in August.”

“Resistance is at 1.3410, where GBP/USD shortly paused on its way up, before hitting 1.3480 – the new 2020 high. Further above, 1.3510 is the 2019 high.”