GBP/USD Technical Analysis: Bears show no mercy as Cable is dropping fast to new monthly lows

• GBP/USD is trading in a bear trend below the 200-period simple moving average.
• GBP/USD is falling to new monthly lows as the bear channel remains intact. The next objective for bears is 1.2846 August 29 low and 1.2800 figure.  
• Technical indicators are in bearish territories supporting the current bearish bias.  

GBP/USD 4-hour chart

Spot rate:                         1.2855
Relative change:              -0.2%
High:                                1.2920
Low:                                 1.2854

Main trend:                      Bearish

Resistance 1:                  1.2900 figure
Resistance 2:                  1.2921 October 4 low
Resistance 3:                  1.2957 July 19 swing low
Resistance 4:                  1.3000 figure
Resistance 5:                  1.3028 October 8 low
Resistance 6:                  1.3050 August 30 swing high, key level

Support 1:                      1.2846 August 29 low
Support 2:                      1.2800 figure
Support 3:                      1.2700 figure