GBP/USD Technical Analysis: Cable set to continue its descent to 1.2800 swing low

• GBP/USD bears are keeping the main trend intact as Cable is trading below the 200-period simple moving average on the 4-hour chart. 
• GBP/USD broke below the bull trendline along with the 50-period simple moving average (4-hour chart). The RSI, Stochastics and MACD indicators are all bearishly configured suggesting a strong bearish momentum.
• The next major target to the downside is located near 1.2800 swing low. A bull breakout above 1.3050 would invalidate the bearish bias.

GBP/USD 4-hour chart

Spot rate:               1.2864
Relative change:     -0.73%     
High:                      1.2935
Low:                       1.2855

Main trend:             Bearish below 1.3050

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:             1.2838, August 10 high
Support 2:             1.2800 swing low
Support 3:             1.2700-1.2723 zone, figure and August 10 low

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