GBP/USD Technical Analysis: Cable battling with 1.2800 near October lows post-US GDP

• GBP/USD is a bear trend below the 200-period simple moving average. The US Gross Domestic Product came above expectations at 3.5% versus 3.3% forecast. There was no bullish reaction in the US Dollar, however, GBP/USD remains pressured near the monthly lows.  
• GBP/USD is trading well below its main simple moving averages (SMA) as the market is testing the September lows. While the bias remains bearish, it remains to be seen if the currency pair can reach new monthly lows this week. The oversold condition and potential profit-taking on Friday might slow down the decline.  
• Targets to the downside can be seen near 1.2750 and 1.2700 while a break above 1.2800 on a daily closing basis would likely spark some corrective move up.  

GBP/USD 4-hour chart

Spot rate:                         1.2805

Relative change:               -0.08%      
High:                                 1.2827
Low:                                  1.2777

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