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. 

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: