GBP/USD: Bleak technical picture, initial support seen awaits at 1.2615

GBP/USD Tuesday's 4-hour chart is painting a mixed picture as failed to surpass the 50-SMA though it is still trading above the 100 and 200-SMAs. Yohay Elam, an analyst at FXStreet, sets the first support at 1.2615 while the cable trades at 1.2635 as of writing.  

Key quotes

“GBP/USD failed to conquer the 50 Simple Moving Average on the 4-hour chart and slipped back down. It still trades above the 100 and 200 SMAs, but momentum remains to the downside. All in all, bears remain in the lead.”

“Initial support is at 1.2615, a swing low from last week. Some support awaits at 1.2550, which was a temporary trough last week. The round 1.25 level was a cushion in early June.”

“Resistance is at 1.2687, the daily high, followed by 1.2750, which held GBP/USD last week.”