GBP/USD Technical Analysis: GBP/USD bullish acceleration open doors to 1.2960 target

• GBP/USD main bear trend is on hold for the fifth consecutive day as the market is having a bullish pullback.
• GBP/USD broke above the bull channel of the last five days and created a steeper one (orange). The simple moving averages are sloping upward and widening up suggesting strong bullish activity. The next target is 1.2900-1.2923 area and the main target of the bullish correction is 1.2957 July 19 low. 
• A sustained bear breakout below 1.2800 might invalidate the bullish bias. 

GBP/USD 15-minute chart 

Spot rate:               1.2852
Relative change:    0.43%     
High:                      1.2879
Low:                       1.2793

Trend:                    Bearish 
Short-term trend:   Bullish

Resistance 1:        1.2900-1.2923 area, figure and August 7 low 
Resistance 2:        1.2957 July 19 low
Resistance 3:        1.3000 figure

Support 1:        1.2838, August 10 high
Support 2:        1.2789-1.2800 area, intraday swing high and figure
Support 3:        1.2723, August 10 low
Support 4:        1.2700 figure