GBP/USD Technical Analysis: GBP/USD keeps falling and hits a new 2018 low

• GBP/USD has reached a new 2018 low at 1.2826 as the bears are pushing Cable into oversold territories and beyond most trendlines on the daily chart. GBP/USD has now exceeded its average daily range of 82 by 4 pips. 
• GBP/USD bears next targets are likely located near 1.2774 August 24, 2017 low and 1.2700 figure. Bulls will try to create a reversal by first targeting 1.2900-1.2923 area but it will not be an easy task as they have to face strong bearish pressure.

GBP/USD 15-minute chart

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GBP/USD daily chart

Spot rate:               1.2828
Relative change:    -0.40%     
High:                      1.2912
Low:                       1.2826

Trend:                    Bearish 

Resistance 1:        1.2900-1.2923 area, figure and August 7 low 
Resistance 2:        1.2957 July 17 low
Resistance 3:        1.2975 August 3 low
Resistance 4:        1.3000-1.3010 area, figure and July 18 low
Resistance 5:        1.3049 June 28 low
Resistance 6:        1.3100-1.3076 area, figure and July 24 low
Resistance 7:        1.3155 former breakout point
Resistance 8:        1.3200 figure
Resistance 9:        1.3230 supply level
Resistance 10:       1.3250 June 4 high 

Support 1:             1.2826 August 9, low (2018 low)
Support 2:             1.2774 August 24, 2017 low
Support 3:             1.2700 figure