GBP/USD Technical Analysis: How high is too high for Cable bulls?

• GBP/USD is trading in a bull trend above the 200-period simple moving average on the 4-hour chart.  
• GBP/USD is having a steep spike up to 1.3150. However, the market is overbought as per the RSI and Stochastic indicators suggesting that bulls might have overstretched themselves.  
• A pullback down to 1.3100 and to 1.3050 might be in the making if bears keep the market below 1.3150.  

GBP/USD 4-hour chart

Main trend:                      Bullish
Short-term:                      Bearish

Resistance 1:                  1.3150 figure
Resistance 2:                  1.3200 figure
Resistance 3:                  1.3259 October 12 high

Support 1:                      1.3100 figure
Support 2:                      1.3043, October 23 high
Support 3:                      1.3000 figure
Support 4:                      1.2947 key resistance
Support 5:                      1.2921 October 4 low
Support 6:                      1.2900 figure
Support 7:                      1.2854 October 29

Additional key levels at a glance: