GBP/USD Technical Analysis: Cable consolidating monthly losses near October lows below 1.2850 level

• GBP/USD is in a bear trend below the 200-period simple moving average on the 4-hour chart.
• GBP/USD is currently trading in a range between the 1.2800 and 1.2850 level. The currency pair is oversold suggesting that a break above 1.2850 on a daily closing basis can lead to further upside in the coming sessions with 1.2900 figure back on the radar.
• On the flip side, a daily close below 1.2800 figure might lead to more bearishness. 

GBP/USD 4-hour chart

Spot rate:                         1.2821

Relative change:              -0.04%     
High:                                1.2854
Low:                                 1.2806

Main trend:                      Bearish 

Resistance 1:                  1.2846 August 29 low
Resistance 2:                  1.2900 figure
Resistance 3:                  1.2921 October 4 low

Support 1:                      1.2800 figure
Support 2:                      1.2750 figure
Support 3:                      1.2700 figure
Support 4:                      1.2660 August low