GBP/USD nears 1.3105 resistance within an uptrend channel

The GBP/USD pair is gaining 0.17% at 1.3095 as Tuesday’s 4-hour chart is showing cable continuing trading in an uptrend channel. Initial resistance awaits at 1.3105, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“GBP/USD is trading within an uptrend channel but remains capped below the 50 Simple Moving Average on the 4-hour chart and momentum remains to the downside.” 

“The uptrend support line awaits at 1.3025, and it is followed by 1.3005, the weekly low. August’s trough of 1.2985 and 1.29 are next.” 

“Resistance is at 1.3105, which was Monday’s high, followed by 1.3170, a peak in late July. August’s peak of 1.3183 and 1.32 are next.”