GBP/USD Technical Analysis: Cable melting down and testing 1.2957 key level

• GBP/USD is trading in a bear trend below the 200-period simple moving average.  
• GBP/USD is having a sharp 130-pip sell-off as the market is challenging 1.2957 (July 19 swing low) which has been an important level in the last months of treading.
• GBP/USD is set to remain under pressure and a break below 1.2957 would open the doors to 1.2921 (October low) and 1.2850 figure.  

GBP/USD 4-hour chart

Spot rate:                         1.2966
Relative change:               -0.77%      
High:                                1.3091
Low:                                 1.2956

Main trend:                      Bearish

Resistance 1:                  1.3000 figure
Resistance 2:                  1.3028 October 8 low
Resistance 3:                  1.3050 August 30 swing high, key level
Resistance 4:                  1.3100 figure
Resistance 5:                  1.3140 October 16 low

Support 1:                      1.2957 July 19 swing low  
Support 2:                      1.2921 October low
Support 3:                      1.2900 figure