GBP/USD technical analysis: Cable is under bearish pressure near the weekly low

• Earlier in the New York session, the preliminar US GDP (Gross Domestic Product) annulized came in as forecast at 3.1% in the first quarter.
• GBP/USD remains under heavy selling pressure as bears want a break below the 1.2600 handle. 

GBP/USD daily chart

GBP/USD is trying to stabilize above the 1.2600 figure while it is trading below its main simple moving averages (SMAs). 

GBP/USD 4-hour chart

Cable is trading below the main SMAs as the momentum is bearish in the medium term.

GBP/USD 30-minute chart

GBP/USD might be forming a bottom above 1.2600 however the momentum stays bearish. Resistances are seen at 1.2630, 1.2670 and at the key 1.2700 level. A daily close below 1.2600 can potentially open the doors to a new bear leg to the downside.

Additional key levels