GBP/USD Technical Analysis: Is there fuel left in the bear tank?

• GBP/USD is trading in a bear trend below the 200-period simple moving average on the 4-hour chart.  
• GBP/USD had a sharp pullback up this Wednesday piercing 1.2800 on an intraday basis but unable to keep prices above the level. Bulls would need a break of 1.2800 on a daily closing basis in order to gather some strength after the October selloff.  
• The RSI and Stochastic indicators are below the 50 line while the MACD has crossed over from below the midline. All suggesting that a potential reversal up can be in the making on a break above 1.2800 figure in the coming sessions. On the flip side, failures at 1.2800 will keep the bearish bias intact.

GBP/USD 4-hour chart

Main trend:                      Bearish  

Resistance 1:                  1.2800 figure
Resistance 2:                  1.2854 October 29
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 (2018 low)
Support 4:                      1.2589 June 21, 2017
 

Additional key levels at a glance: