GBP/USD rises above the 100-hour SMA to fresh 4-day highs

The pound is outperforming other majors on Tuesday, getting some relief after recent losses, with GBP/USD testing fresh weekly highs above 1.3000.

GBP/USD managed to recover some ground over the last sessions after bottoming out at 1.2913 late last week. Cable climbed above the 100-hour SMA and reached a 4-day peak of 1.3023 in recent dealings. It continues to trade nearby, last seen around 1.3015, recording a 0.32% gain on the day.

There are no major UK releases scheduled ahead of Friday’s final Q2 GDP figures, while in the US main focus remains on Fed speakers ahead of Thursday’s GDP numbers.

GBP/USD technical levels

In term of technical levels, next resistances are seen at 1.3087 (Sep 23 high), 1.3140 (50-day SMA), 1.3170 (20-day SMA) and 1.3200 (psychological level). On the other hand, supports are seen at 1.2914 (Sep 23 low), 1.2864 (Aug 15 low) and 1.2796 (Jul 6 low).