GBP/USD Technical Analysis: Limited upside potential below 1.3050 level

• GBP/USD is trading in a bear trend below its 200-period simple moving average. However, bulls are busy trying to create a reversal up.  
• The 200 SMA on the 4-hour chart is currently capping any bullish advance. Failure to break above it and the 1.3050 level can lead to a rotation to 1.3000 and 1.2947 levels. The RSI indicator is above 50, the MACD is bullish while the Stochastic is in overbought condition.  
• On the flip side, a break above 1.3050 can lead to an advance to 1.3100 and 1.3200 figure.  

GBP/USD 4-hour chart

Main trend:                      Bearish

Resistance 1:                  1.3000 figure
Resistance 2:                  1.3043, October 23 high
Resistance 3:                  1.3100 figure
Resistance 4:                  1.3200 figure

Support 1:                      1.2947 key resistance
Support 2:                      1.2921 October 4 low
Support 3:                      1.2900 figure
Support 4:                      1.2854 October 29
Support 5:                      1.2800 figure

Additional key levels at a glance: