GBP/USD technical analysis: Cable is dropping to a new weekly low

• GBP/USD is currently under bearish pressure. 
• Can bears break below the 1.2600 figure? 

GBP/USD daily chart

GBP/USD is attempting to stabilizing above the 1.2600 figure as it is trading below its main simple moving averages (SMAs). 

GBP/USD 4-hour chart

Cable is trading below its main SMAs suggesting a bearish bias in the medium term.

GBP/USD 30-minute chart

GBP/USD is rebounding from above the 1.2600 figure. Cable is likely attempting to form a bottom above 1.2600 but the momentum is currently bearish. Resistances are seen at 1.2630, 1.2670 and most importantly at the 1.2700 level. A breakdown below 1.2600 on a daily closing basis can potentially open the gates to a new bear leg to the downside.

Additional key levels