GBP/USD Technical Analysis: A bull breakout above 1.2940 swing high can open the gates to more upside

• Bulls are challenging the main bear trend as they broke above a multi-month bear trendline and they are challenging 1.2937 swing high. 
• GBP/USD is evolving in a bull channel with rising 50, 100 and 200-period simple moving averages, suggesting bullish momentum. GBP/USD is challenging the 1.2937 swing high, a break above the level can have strong bullish implication as the market would start making higher highs on the daily chart. The next targets are 1.2957 (July 19 swing low) and 1.3082-1.3100 (supply/demand level and figure).
• A sustained bear breakout below 1.2800 would invalidate the bullish bias. 

GBP/USD 15-minute chart

Spot rate:               1.2904
Relative change:     0.10%     
High:                      1.2933
Low:                       1.2861

Trend:                    Bullish above 1.2800

Resistance 1:        1.2937 August 22 swing high
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:             1.2900 figure
Support 2:             1.2868 August 22 low 
Support 3:             1.2838, August 10 high
Support 4:             1.2800 figure
Support 5:             1.2700-1.2723 zone, figure and August 10 low
Support 6:             1.2700 figure
Support 7:             1.2661 current 2018 low

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