GBP/USD Technical Analysis: Cable bulls might come back above 1.2900 figure

• GBP/USD bears are keeping the market under pressure as GBP/USD is trading below the 50 and 200-period simple moving average (SMA) on the 4-hour chart.
• GBP/USD is currently consolidating the recent leg down and bears need a breakout below 1.2845, (August 29 low) in order to confirm the bear trend continuation.
• A the time of writing bears have the advantage but things can turn around quickly if bulls breakout above the 1.2900 figure. In fact, this would likely put the current bear leg on hold as buyers would try to keep the bull channel in place.

GBP/USD 4-hour chart

Spot rate:               1.2870
Relative change:     -0.63%     
High:                      1.2935
Low:                       1.2855

Main trend:             Bearish 
Short-term trend:    Bullish above 1.2900

Resistance 1:        1.2868 August 22 low 
Resistance 2:        1.2900 figure
Resistance 3:        1.2937 August 22 swing high
Resistance 4:        1.2957 July 19 swing low
Resistance 5:        1.3000 figure

Support 1:             1.2868 August 22 low 
Support 2:             1.2845, August 29 low
Support 3:             1.2800 swing low
Support 4:             1.2700-1.2723 zone, figure and August 10 low