GBP/USD Technical Analysis: The 1.2800 figure becomes the level to beat for Cable bulls

• GBP/USD is trading in a bear trend below the 200-period simple moving average on the 4-hour chart. 
• GBP/USD had an 80-pip rebound after it dipped just below 1.2700 figure. Bulls would need a break above the bearish trendline and a close above 1.2800 on a daily closing basis in order to regain some strength. 
• The MACD indicator had a bullish crossover but in the short-term, until GBP/USD stays below 1.2800 it remains susceptible to bearish incursions. 

GBP/USD 4-hour chart

Main trend:                      Bearish 

Resistance 1:                  1.2800 figure
Resistance 2:                  1.2854 October 29
Resistance 3:                  1.2900 figure
Resistance 4:                  1.2921 October 4 low

Support 1:                      1.2750 figure
Support 2:                      1.2700 figure
Support 3:                      1.2660 August low (2018 low)
Support 4:                      1.2589 June 21, 2017
 

Additional key levels at a glance: