GBP/USD Technical Analysis: Cable up 50 pips from daily lows – Back above 1.2900 figure as Barnier says Brexit treaty is on the pipeline

• GBP/USD is trading in a bear trend above the 200-period simple moving average on the 4-hour chart. Barnier said that the Brexit treaty is almost ready, helping GBP to the upside.
• GBP/USD broke below 1.2854 earlier in the day but the market has now regained some ground as Cable is now back above the 1.2900 figure. Bulls will try to keep GBP/USD above 1.2900 and 1.2850. As the market is oversold, bulls might have the advantage in the short-term.  
• Resistances to the upside are seen near 1.2957 (July 19 low, key level) and 1.3000 figure.  

 
GBP/USD 4-hour chart

Main trend:                      Bullish

Resistance 1:                  1.2957 July 19 low, key level
Resistance 2:                  1.3000 figure
Resistance 3:                  1.3050 figure
Resistance 4:                  1.3100 figure
Resistance 5:                  1.3150 figure

Support 1:                      1.2921 October 4 low
Support 2:                      1.2900 figure
Support 3:                      1.2854 October 29

 
Additional key levels at a glance: