GBP/USD set on breaking the 1.3065 double-top

GBP/USD is surging to one-week tops, beyond mid-1.3000s, as Wednesday's 4-hour chart shows bulls could break the double-top at 1.3065, FXStreet’s Analyst Yohay Elam reports.

Key quotes

“GBP/USD has decisively broken above the 50, 100, and 200 Simple Moving Average on the 4-hour chart while the Relative Strength Index is below the 70 level – thus outside overbought conditions. Topping it off with upside momentum, bulls are in control.”

“The double-top of 1.3065 is critical resistance. It was first hit last week, and then early on Wednesday. Above this cap, the next levels to watch are 1.3085 and 1.3130.”

“Support is at 1.3025, which was a peak earlier in the week. It is followed by 1.2980, where the 50 SMA hits the price, and by 1.2930.”