GBP/USD Technical Analysis: Cable under pressure below 1.3000 level

GBP/USD is trading in a bear trend above the 200-period simple moving average on the 4-hour chart.
GBP/USD is challenging the 1.2957 July 19 low key support level. If the bears can break this level a drop to 1.2921 October 4 low can be next.
The RSI and MACD indicators are weak but the Stochastic is already in the oversold zone.

Flavio Tosti Independent Analyst

GBP/USD 4-hour chart

Main trend: Bullish

Resistance 1: 1.3000 figure
Resistance 2: 1.3050 figure
Resistance 3: 1.3100 figure
Resistance 4: 1.3150 figure
Resistance 5: 1.3200 figure
Resistance 6: 1.3259 October 12 high

Support 1: 1.2957 July 19 low, key support
Support 2: 1.2921 October 4 low
Support 3: 1.2900 figure
Support 4: 1.2854 October 29

Additional key levels at a glance:

GBP/USD

Overview:
    Last Price: 1.2978
    Daily change: -83 pips
    Daily change: -0.635%
    Daily Open: 1.3061
Trends:
    Daily SMA20: 1.2987
    Daily SMA50: 1.3032
    Daily SMA100: 1.3037
    Daily SMA200: 1.3409
Levels:
    Daily High: 1.3152
    Daily Low: 1.3045
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.3086
    Daily Fibonacci 61.8%: 1.3111
    Daily Pivot Point S1: 1.302
    Daily Pivot Point S2: 1.2979
    Daily Pivot Point S3: 1.2914
    Daily Pivot Point R1: 1.3127
    Daily Pivot Point R2: 1.3192
    Daily Pivot Point R3: 1.3233

Author

Flavio Tosti

Independent Analyst

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