GBP/USD Technical Analysis: Cable consolidating above the 2018 low

• GBP/USD is attempting to consolidate the recent 8-day sell-off which drove Cable to new a new 2018 low at 1.2723, last Friday.
• Bears objective is to keep extending the bear trend below the current 2018 low in order to reach the 1.2700 figure. 
• However, given the heavy selling pressure seen in recent weeks, market participants might allow for some pullback up before resuming the bear trend. Resistances to the upside are likely located near 1.2789 and 1.2838. Bulls have a slight advantage in the short-term despite the main bear trend.  

GBP/USD 15-minute chart 

GBP/USD daily chart

Spot rate:               1.2771
Relative change:    0.01%     
High:                      1.2782
Low:                       1.2730

Trend:                    Bearish 

Resistance 1:        1.2789 intraday swing high
Resistance 2:        1.2838, August 10 high
Resistance 3:        1.2900-1.2923 area, figure and August 7 low 
Resistance 4:        1.2957 July 17 low
Resistance 5:        1.2975 August 3 low
Resistance 6:        1.3000-1.3010 area, figure and July 18 low
Resistance 7:        1.3049 June 28 low
Resistance 8:        1.3100-1.3076 area, figure and July 24 low
Resistance 9:        1.3155 former breakout point
Resistance 10:        1.3200 figure
Resistance 11:        1.3230 supply level
Resistance 12:       1.3250 June 4 high 

Support 1:             1.2723, current 2018 low
Support 2:             1.2700 figure
Support 3:             1.2589 June 21, 2017 low