GBP/USD Technical Analysis: Cable breaking to the downside en route to 1.3000 figure

GBP/USD momentum has switched to bearish as the market is trading below the 200-period simple moving average.
GBP/USD is about to test 1.3000 figure as the RSI, MACD and Stochastic indicators are bearishly configured.
A break of the level should open the gates to 1.2957 (July 19 swing low) and 1.2900 figure.

Flavio Tosti Independent Analyst

GBP/USD 4-hour chart

Spot rate: 1.3020
Relative change: -0.73%
High: 1.3132
Low: 1.3016

Main trend: Bearish

Resistance 1: 1.3028 October 8 low
Resistance 2: 1.3050 August 30 swing high, key level
Resistance 3: 1.3100 figure
Resistance 4: 1.3140 October 16 low

Support 1: 1.3000 figure
Support 2: 1.2957 July 19 swing low
Support 3: 1.2900 figure

Author

Flavio Tosti

Independent Analyst

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