GBP/USD Technical Analysis: Cable bulls looking at 1.3100 figure

• GBP/USD is trading in a bear trend below its 200-period simple moving average. However, bulls are working hard at creating a reversal up.  
• GBP/USD is currently trapped between 1.2957 and 1.3050 level after enjoying a strong rally in the last days. The RSI, MACD and Stochastic indicator suggest more gains ahead.  
• Bulls will need to overcome the 1.3050 resistance to set their eyes on 1.3100 and 1.3200 figure.  

GBP/USD 4-hour chart

Main trend:                      Bearish to bullish above 1.3050  

Resistance 1:                  1.3000 figure
Resistance 2:                  1.3043, October 23 high
Resistance 3:                  1.3100 figure
Resistance 4:                  1.3200 figure

Support 1:                      1.2947 key resistance
Support 2:                      1.2921 October 4 low
Support 3:                      1.2900 figure
Support 4:                      1.2854 October 29
Support 5:                      1.2800 figure

Additional key levels at a glance: