GBP/USD technical analysis: Cable trying to find a bottom above 1.2600 the figure

• GBP/USD has been under strong selling pressure in the last weeks. 
• GBP/USD downside pressure is weakening suggesting that a reversal up above 1.2700 can be on the cards.

GBP/USD daily chart

GBP/USD has been stabilizing above the 1.2600 figure while trading below its main simple moving averages (SMAs). 

GBP/USD 4-hour chart

The market is trading below its main SMAs suggesting bearish momentum in the medium term.

GBP/USD 30-minute chart

GBP/USD is rebounding from the current weekly low as the bulls are challenging the 50 SMA. The market is likely attempting to form a bottom above the 1.2600 figure but it remains unclear when the bulls will show up. A break above 1.2700 should lead to an acceleration to 1.2750. On the flip side, a break below 1.2600 the figure on a daily closing basis could potentially open the doors to a new bear leg to the downside.

Additional key levels