GBP/USD Technical Analysis: Cable capped at 1.2870 – Bears still looking at 1.2700 figure

• GBP/USD bears are working hard to maintain the main bear trend and preventing the market to reach 1.2957 key level.
• GBP/USD is essentially trading at the top of the bear channel capped by the 200-period simple moving average and 1.2868 resistance. Targets to the downside remain 1.2800 and 1.2700-1.2723 zone.
• A sustained bull breakout above 1.2868 would invalidate the bearish bias.  

GBP/USD 15-minute chart  

Spot rate:               1.2846
Relative change:     0.28%      
High:                      1.2881
Low:                       1.2799

Trend:                    Bearish below 1.2870

Resistance 1:        1.2868 August 22 low  
Resistance 2:        1.2900-1.2923 area, figure and August 7 low  
Resistance 3:        1.2900-1.2923 area, figure and August 7 low  
Resistance 4:        1.2957 July 19 swing low
Resistance 5:        1.3082-1.3100 supply/demand level and figure
Resistance 6:        1.3214 July 26 swing high

Support 1:             1.2838, August 10 high
Support 2:             1.2800 figure
Support 3:             1.2700-1.2723 zone, figure and August 10 low
Support 4:             1.2700 figure
Support 5:             1.2661 current 2018 low