GBP/USD Technical Analysis: GBP/USD bears break below 1.2957 key support level opening the gates to more losses

• GBP/USD broke below a key support level at 1.2957 as the bears took over the market.
• GBP/USD is trading below its 50, 100 and 200-period simple moving averages while the RSI, MACD and Stochastics indicators are in negative territories. 
• Bears key targets to the downside are likely located near 1.2900 figure and 1.2800 figure.

GBP/USD 4-hour chart 

Spot rate:                         1.2947
Relative change:              0.05%     
High:                                1.2958
Low:                                 1.2937

Main trend:                      Bearish

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:                  1.3100 figure
Resistance 5:                  1.3144 key level
   
Support 1:                      1.2900 figure 
Support 2:                      1.2800 figure
Support 3:                      1.2700 figure