GBP/USD Technical Analysis: Cable dips to 1.2900 and a new monthly low

• GBP/USD is trading in a bear trend below the 200-period simple moving average on the 4-hour chart.
• GBP/USD dropped below 1.2957 key level and reached a new monthly low. Technical indicators remain bearish while the 50 SMA crossed below the 100 and 200 SMA adding to the bearish pressure.
• Supports the downside can be seen near 1.2900 figure and 1.2846 (August 29 low).  

GBP/USD 4-hour chart

Spot rate:                         1.2923
Relative change:               -0.46%      
High:                                1.2992
Low:                                 1.2888

Main trend:                      Bearish  

Resistance 1:                  1.2921 October 4 low
Resistance 2:                  1.2957 July 19 swing low  
Resistance 3:                  1.3000 figure
Resistance 4:                  1.3028 October 8 low
Resistance 5:                  1.3050 August 30 swing high, key level

Support 1:                      1.2900 figure
Support 2:                      1.2846 August 29 low
Support 3:                      1.2800 figure