GBP/USD Technical Analysis: Cable at a crossroad - 1.2960 bull target still in play

• GBP/USD main trend is on hold as bulls have taken control of the market for the 6th day in a row. 
• GBP/USD is at a crossroad as it is now challenging a daily trendline. If bulls manage to break above it along with the 1.2957 resistance, GBP/USD is seen accelerating the bull counter-move up. 
• Bulls are currently trying to find support at the lower trendline (orange) just below the 50-period simple moving average. While a pullback to 1.2800 is still possible, the current momentum is bullish and 1.2957 target is still on the cards for Cable bulls. A deeper pullback scenario is drawn in the chart below. 
• A sustained bear breakout below 1.2800 would invalidate the bullish bias. 

GBP/USD 15-minute chart

Spot rate:               1.2890
Relative change:    0.09%     
High:                      1.2916
Low:                       1.2868

Trend:                    Bearish 
Short-term trend:   Bullish above 1.2800

Resistance 1:        1.2900-1.2923 area, figure and August 7 low 
Resistance 2:        1.2957 July 19 low
Resistance 3:        1.3000 figure

Support 1:        1.2838, August 10 high
Support 2:        1.2789-1.2800 area, intraday swing high and figure
Support 3:        1.2723, August 10 low
Support 4:        1.2700 figure