GBP/USD Technical Analysis: Cable break to daily highs, bulls eyeing 1.2800 figure

• The GBP/USD main trend is taking a breather as bulls are pushing the currency pair to a two-day high. 
• The bulls are having a breakout above 1.2723 key level. The 50-period simple moving average crossed above the 200 SMA suggesting a slightly bullish bias. Targets to the upside are located near 1.2789 and 1.2838, August 10 high. 
• A bear breakout below 1.2723 would invalidate the short-term bullish bias. 

GBP/USD 15-minute chart

Spot rate:               1.2736
Relative change:    0.30%     
High:                      1.2755
Low:                       1.2685

Trend:                    Bearish 

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:        1.2589 June 21, 2017 low
Support 4:        1.2500 figure
Support 5:        1.2365 April 7, 2017 high