GBP/USD Technical Analysis: Bears strike back - Big wedge can send GBP/USD to 1.2700 figure

• Bears are retaking control as the market failed to breakout above 1.2937 (August 22 swing high). 
• The market is forming a wedge pattern and a double top by the same token (1.2337 resistance). If the bears are able to break below the bullish trendline the first target is located at 1.2800 followed by 1.2700 figure. 
• A bull breakout above 1.2937 would invalidate the bearish bias.  

GBP/USD 15-minute chart

Spot rate:               1.2867
Relative change:     -0.19%     
High:                      1.2933
Low:                       1.2861

Trend:                    Bullish above 1.2800

Resistance 1:        1.2900 figure
Resistance 2:        1.2937 August 22 swing high
Resistance 3:        1.2957 July 19 swing low
Resistance 4:        1.3082-1.3100 supply/demand level and figure
Resistance 5:        1.3214 July 26 swing high

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