GBP/USD Technical Analysis: Cable bulls run out of breath post-FOMC - Downside prevails

• GBP/USD bear trend has been halted for 6 consecutive days as bulls had a 280-pip run up.
• GBP/USD is finding resistance below 1.2957 swing low after the release of the FOMC minutes. Until bulls can’t break 1.2957, the market is bound to trade sideways to down. Targets to the downside are 1.2868 current August 22 low and 1.2838, August 10 high.
• A bull breakout above 1.2957 would invalidate the bearish bias.

GBP/USD 15-minute chart

Spot rate:               1.2909
Relative change:    0.07%     
High:                      1.2937
Low:                       1.2868

Trend:                    Bearish below 1.2957

Resistance 1:        1.2900-1.2923 area, figure and August 7 low 
Resistance 2:        1.2957 July 19 swing low
Resistance 3:        1.3082-1.3100 supply/demand level and figure
Resistance 4:        1.3214 July 26 swing high

Support 1:             1.2868 current August 22 low 
Support 2:             1.2838, August 10 high
Support 3:             1.2789-1.2800 area, intraday swing high and figure
Support 4:             1.2723, August 10 low
Support 5:             1.2700 figure