GBP/USD Technical Analysis: Bears getting ready for a drop towards 1.2800 figure

• GBP/USD had a 280-pips run-up in the last 7 days and has found resistance just below 1.2957 key level, giving bears the opportunity to resume the main bear trend. 
• The 50-period simple moving average crossed below the 200 SMA suggesting that the momentum is shifting to bearish. Additionally, GBP/USD is trading below the 50, 100 and 200 SMA. Bears also managed to trade below Wednesday’s low creating a lower low. Bears objective is to target 1.2789-1.2800 area and in the longer term 1.2700 figure. 

GBP/USD 15-minute chart

Spot rate:               1.2873
Relative change:    -0.29%     
High:                      1.2920
Low:                       1.2849

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