GBP/USD Technical Analysis: Cable capped by 1.3100 drifting lower en route to 2018 low

• GBP/USD has been capped by the 1.3100 figure for the most part of the day this Thursday.  
• GBP/USD reached a new 2018 low at 1.3049 earlier in the day.
• GBP/USD bears next objective is to first retest the 1.3049, 2018 low  and then drive the market towards 1.3027 October 6, 2017 swing low. A breakout above 1.3100 can negate the bearish scenario.

GBP/USD 15-minute chart

Spot rate:               1.3071
Relative change:    -0.32%      
High:                      1.3123
Low:                       1.3049

Trend:                    Bearish

Resistance 1:        1.3100 figure
Resistance 2:        1.3155 former breakout point
Resistance 3:        1.3200 figure
Resistance 4:        1.3235 Tuesday’s high
Resistance 5:        1.3260, intraday swing high Tuesday

Support 1:             1.3049 current 2018 low
Support 2:             1.3027 October 6, 2017 swing low
Support 3:             1.2774, August 24, 2017 swing low