GBP/USD Technical Analysis: Rotation down sends GBP/USD to daily lows near 1.2800 figure

• GBP/USD main bear trend is resuming as the market couldn’t break above the key 1.2957 level.
• GBP/USD is trading below its 50, 100 and 200-period simple moving averages suggesting a bearish bias. The first downside target is just below at 1.2800 and the bullish trendline. A break below the level would open the door to 1.2723, August 10 low. 
• A bull breakout above 1.2957 would invalidate the bearish bias. 

GBP/USD 15-minute chart

Spot rate:               1.2809
Relative change:    -0.79%     
High:                      1.2920
Low:                       1.2805

Trend:                    Bearish below 1.2957

Resistance 1:        1.2838, August 10 high
Resistance 2:        1.2868 current August 22 low 
Resistance 3:        1.2900-1.2923 area, figure and August 7 low 
Resistance 4:        1.2900-1.2923 area, figure and August 7 low 
Resistance 5:        1.2957 July 19 swing low
Resistance 6:        1.3082-1.3100 supply/demand level and figure
Resistance 7:        1.3214 July 26 swing high

Support 1:             1.2800 figure
Support 2:             1.2700-1.2723 zone, figure and August 10 low
Support 3:             1.2700 figure
Support 4:             1.2661 current 2018 low