GBP/USD Technical Analysis: Cable bulls eyeing 1.3050 last bearish bastion

• GBP/USD main bear trend is on hold since mid-August.
• The 50-period simple moving average (SMA) broke above the 100 SMA which are both slightly ticking upward while the RSI, MACD and Stochastics indicators are bullishly configured.
• The next resistance to overcome is 1.2957 after which 1.3050 become the next bastion for sellers to defend the bear trend. A bear breakout below 1.2800 (August 24 swing low) would invalidate the bullish bias. 

GBP/USD 4-hour chart 

Spot rate:               1.2938
Relative change:     0.23%     
High:                      1.2961
Low:                       1.2896

Main trend:                 Bearish 
Short-term trend:        Bullish above 1.2800

Resistance 1:        1.2957 July 19 swing low
Resistance 2:        1.3000 figure
Resistance 3:        1.3050 August 30 swing high, key level
Resistance 4:        1.3082-1.3100 supply/demand level and figure

Support 1:        1.2937 August 22 swing high
Support 2:        1.2900 figure
Support 3:        1.2868 August 22 low 
Support 4:        1.2845, August 29 low
Support 5:        1.2800 August 24 swing low

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