GBP/USD Technical Analysis: The 1.3050 level is the last bearish bastion

• GBP/USD main bear trend is at risk of a bullish reversal up above 1.3050.
• GBP/USD bulls advance is capped by a multi-month bear trendline, the 50-day simple moving average and the 1.3050 figure. The market is set to remain bearish below 1.3050 level.
• However, a bull breakout above 1.3050 would negate the bearish scenario and lead to an acceleration to 1.3200 level.  

GBP/USD daily chart

Spot rate:               1.3003
Relative change:     -0.18%     
High:                      1.3044
Low:                       1.2985

Main trend:             Bearish below 1.3050

Resistance 1:        1.3050, 50-day simple moving average, multi-month trendline
Resistance 2:        1.3082-1.3100 supply/demand level and figure
Resistance 3:        1.3214 July 26 swing high

Support 1:             1.2957 July 19 swing low
Support 2:             1.2937 August 22 swing high
Support 2:             1.2900 figure
Support 3:             1.2868 August 22 low 
Support 4:             1.2838, August 10 high
Support 5:             1.2800 figure
Support 6:             1.2700-1.2723 zone, figure and August 10 low