GBP/USD Technical Analysis: Target at 1.2838 mission accomplished - What is next after rising wedge?

• GBP/USD main bear trend is on hold for the fifth consecutive day as the market is having a bullish pullback.
• GBP/USD had a spike breaking above the bullish channel in a rising wedge shape, suggesting that the market went too far too fast. The correction might extend near 1.2789-1.2800 support coinciding with the 50% Fibonacci retracement of the last bull leg from Monday. 
• If the market reaches 1.2789-1.2800 support, traders will be watching the market reaction in order to decide if the short-term bullish momentum is still in place. 

GBP/USD 15-minute chart

Spot rate:               1.2819
Relative change:    0.17%     
High:                      1.2847
Low:                       1.2793

Trend:                    Bearish 
Short-term trend:   Bullish

Resistance 1:        1.2838, August 10 high
Resistance 2:        1.2900-1.2923 area, figure and August 7 low 
Resistance 3:        1.2957 July 17 low

Support 1:        1.2789-1.2800 area,  intraday swing high and figure
Support 2:        1.2723, August 10 low
Support 3:        1.2700 figure
Support 4:        1.2661, current 2018 low
Support 5:        1.2589 June 21, 2017 low
Support 6:        1.2500 figure
Support 7:        1.2365 April 7, 2017 high

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