GBP/USD Technical Analysis: Bullish recovery targets 1.2790 level

• GBP/USD is in consolidation mode in the main bear trend. 
• GBP/USD is currently in a bullish channel on the 15-minute chart, with the 50, 100 and 200-period simple moving average all sloping upward suggesting short-term bullish momentum with targets at 1.2789 and 1.2838. In the very short-term the market might pullback down to the 1.2740 congestion zone which can be a potential entry point to join the bullish correction up. 
• A sustained bear breakout below the 1.2729 (current low of the day) might invalidate the bullish bias.  

GBP/USD 15-minute chart

Spot rate:               1.2763
Relative change:    0.13%     
High:                      1.2773
Low:                       1.2729

Trend:                    Bearish 
Short-term trend:   Bullish

Resistance 1:        1.2789 intraday swing high
Resistance 2:        1.2838, August 10 high
Resistance 3:        1.2900-1.2923 area, figure and August 7 low 

Support 1:        1.2723, August 10 low
Support 2:        1.2700 figure
Support 3:        1.2661, current 2018 low
Support 4:        1.2589 June 21, 2017 low
Support 5:        1.2500 figure
Support 6:        1.2365 April 7, 2017 high