GBP/USD Technical Analysis: Cable accelerating down towards 2018 low, nearing 1.3100 level

• GBP/USD is falling fast as it is about 10 pips away from the current 2018 low at 1.3102.
• A breakout below 1.3102 can lead to further losses towards 1.3027 October 6, 2017 swing low. 
• However, the current 2018 low at 1.3102 will likely act as support but since the bear momentum is rather strong, sellers have a fair chance to break through it.

GBP/USD 15-minute chart

Spot rate:               1.3114
Relative change:    -0.82%     
High:                      1.3235
Low:                       1.3110

Trend:                    Bearish

Resistance 1:        1.3155 former breakout point
Resistance 2:        1.3200 figure
Resistance 3:        1.3235 Tuesday’s high
Resistance 4:        1.3260, intraday swing high Tuesday
Resistance 5:        1.3300 key support   

Support 1:             1.3102, current 2018 low
Support 2:             1.3027 October 6, 2017 swing ow
Support 3:             1.2774, August 24, 2017 swing low