GBP/USD Technical Analysis: Wedge still in play – 1.2800 can be on the cards

• Cable bears are at work trying to resume the main bear trend.  
• GBP/USD created wedge and double top pattern. Bears are trying to break below the bull trendline and the 4-hour 50-period simple moving average. If sellers are able to break below the bullish trendline the first target is located at 1.2800 followed by 1.2700 figure.  
• A bull breakout above 1.2937 (August 22 swing high) would invalidate the bearish bias.  

GBP/USD 4-hour chart

Spot rate:               1.2877
Relative change:      0.03%      
High:                      1.2902
Low:                       1.2845

Trend:                    Bullish above 1.2937 (August 22 swing high)

Resistance 1:        1.2900 figure
Resistance 2:        1.2937 August 22 swing high
Resistance 3:        1.2957 July 19 swing low
Resistance 4:        1.3082-1.3100 supply/demand level and figure
Resistance 5:        1.3214 July 26 swing high

Support 1:             1.2868 August 22 low  
Support 2:             1.2838, August 10 high
Support 3:             1.2800 figure
Support 4:             1.2700-1.2723 zone, figure and August 10 low
Support 5:             1.2700 figure
Support 6:             1.2661 current 2018 low