GBP/USD Technical Analysis: Cable meltdown goes on as bear push GBP/USD below 1.2700 level

• GBP/USD bears show no mercy as Cable reached a new 2018 low below the 1.2700 figure. GBP/USD is trading below its 50, 100 and 200-period simple moving averages on the 15-minute chart suggesting a strong bearish bias as the market is down for the 12th day in a row.
• There seems to be little significant resistance before the next key support level at 1.2589 (June 21, 2017 low). 
• Resistances to the upside are located near 1.2700 and 1.2723, August 10 low. Any rally will likely be met with selling pressure. 

GBP/USD 15-minute chart

GBP/USD daily chart

Spot rate:               1.2685
Relative change:    -0.29%     
High:                      1.2736
Low:                       1.2668

Trend:                    Bearish 

Resistance 1:        1.2700 figure
Resistance 2:        1.2723, August 10 low
Resistance 3:        1.2789 intraday swing high
Resistance 4:        1.2838, August 10 high
Resistance 5:        1.2900-1.2923 area, figure and August 7 low 

Support 1:             1.2589 June 21, 2017 low
Support 2:             1.2500 figure
Support 3:             1.2365 April 7, 2017