GBP/USD Technical Analysis: Cable at October lows ahead of US GDP

• GBP/USD is a bear trend below the 200-period simple moving average at monthly lows ahead of the release of the US Gross Domestic Product.  
• The bearish momentum is strong as bears look at the August low at the 1.2660 level.
• Technical indicators remain strongly bearish but in oversold condition.  

“‹”‹”‹”‹”‹”‹”‹GBP/USD 4-hour chart

Spot rate:                         1.2793
 

Main trend:                      Bearish  

Resistance 1:                  1.2800 figure
Resistance 2:                  1.2846 August 29 low
Resistance 3:                  1.2900 figure
Resistance 4:                  1.2921 October 4 low

Support 1:                      1.2750 figure
Support 2:                      1.2700 figure
Support 3:                      1.2660 August low