GBP/USD Technical Analysis: Cable consolidating below 1.3200 figure can drop to 1.3050 level

• GBP/USD main bear trend is switching to bullish as Cable is trading above the 50-day simple moving average.  
• GBP/USD found resistance at the 1.3200 figure and the 50-period simple moving average as the RSI, MACD and Stochastics indicators are weakening. All suggesting that the bearish pullback can extend towards 1.3050 and 1.3000 figure.  
• A bull breakout above 1.3200 would invalidate the short-term bearish bias.  

GBP/USD 4-hour chart

Spot rate:                         1.3127
Relative change:              -0.59%      
High:                                1.3184
Low:                                 1.3108

Main trend:                      Bullish

Resistance 1:                  1.3144 key level
Resistance 2:                  1.3200 figure (key support/resistance)
Resistance 3:                  1.3300 figure
Resistance 4:                  1.3363 July high
Resistance 5:                  1.3472 June 7 high

Support 1:                      1.3100 figure
Support 2:                      1.3050 August 30 swing high, key level
Support 3:                      1.3000 figure    
Support 4:                      1.2957 July 19 swing low