GBP/USD Technical Analysis: Bears take the lead and drive GBP/USD close to 1.3100 level

• As GBP/USD couldn’t break above 1.3200 earlier in Europe, the market decided to test 1.3100. 
• GBP/USD extended the daily losses but has not yet reached the 1.3100-1.3076 area, which is comprised by the figure and the current weekly low. 
• As GBP/USD dropped about a 100 pips, today’s sell-off is quite discouraging for bulls, however, the market will pay close attention to what will happen at the 1.3100 figure and the current weekly low at 1.3076; the market might create a pullback up of the last leg lower.

GBP/USD 15-minute chart 

Spot rate:               1.3110
Relative change:    -0.60%     
High:                      1.3214
Low:                       1.3106

Trend:                    Bearish 

Resistance 1:        1.3155 former breakout point
Resistance 2:        1.3200 figure
Resistance 3:        1.3230 supply level
Resistance 4:        1.3250 June 4 high 

Support 1:             1.3100-1.3076 area, figure and weekly low
Support 2:             1.3049 June 28 low
Support 3:             1.3010 July 18 low
Support 4:             1.2957 current 2018 low
Support 5:             1.2908 September 5, 2017 low