GBP/USD Technical Analysis: Cable bulls challenging the 1.3050 level

• GBP/USD is trading in a bear leg below the 200-period simple moving average.
• GBP/USD is finding some support above the 1.3000 figure. The RSI, MACD and Stochastic remain bearish but until the market stays above 1.3000, there is scope for a potential rebound to 1.3100 figure.  
• A bearish breakout below 1.3000 would open the gates to 1.2957 (1.2957 July 19 swing low).  

GBP/USD 4-hour chart

Spot rate:                         1.3054
Relative change:               0.27%      
High:                                1.3061
Low:                                 1.3011

Main trend:                      Bearish

Short-term:                       Bullish

Resistance 1:                  1.3050 August 30 swing high, key level
Resistance 2:                  1.3100 figure
Resistance 3:                  1.3140 October 16 low

Support 1:                      1.3028 October 8 low
Support 2:                      1.3000 figure  
Support 3:                      1.2957 July 19 swing low  
Support 4:                      1.2900 figure