GBP/USD Technical Analysis: Cable dropping fast as bears eye 1.3100 figure

• GBP/USD is currently breaking out below the 1.3200 after an attempt above 1.3250 in early Europe. The next targets to the downside are likely located near 1.3100 figure and 1.3049 current 2018 low while resistances are seen near 1.3155 and 1.3200.
• UK’s political turmoil is hurting GBP - UK: Labour puts May in tough spot as it backs amendment to keep UK in customs union - The Telegraph.
• Fed’s Powell speech is likely going to add to the volatility, it is scheduled at 13:45 GMT.

GBP/USD 15-minute chart 

Spot rate:               1.3154
Relative change:    -0.61%     
High:                      1.3270
Low:                       1.3144

Trend:                    Bearish

Resistance 1:        1.3155 former breakout point
Resistance 2:        1.3200 figure
Resistance 3:        1.3225 intraday swing low 
Resistance 4:        1.3250 June 4 high 
Resistance 5:        1.3300 figure
Resistance 6:        1.3363 last week’s high
Resistance 7:        1.3400 figure
Resistance 8:        1.3472 June’s high

Support 1:             1.3100 figure
Support 2:             1.3049 current 2018 low
Support 3:             1.3027 October 6, 2017 swing low: