GBP/USD Technical Analysis: Cable Tsunami - GBP/USD jumps 150 pips as Germany and UK are said to drop key Brexit demands - Beginning of the end of the bull trend

• Bulls are challenging the GBP/USD main bear trend as the market jumped more than 150 pips in a few minutes after it has been reported that the UK and Germany drop critical Brexit demands.
• GBP/USD is breaking through 1.2957 July 19 key swing low as the bears are selling their positions at a loss and new bulls are jumping in. 
• GBP/USD is now back above the 50, 100 and 200-period simple moving average and the next main target is 1.3050 swing high. A breakout above it would most likely put an end to the protracted bear trend. A bear breakout below 1.2800 would invalidate the bullish bias. 

GBP/USD 4-hour chart

Spot rate:               1.2968
Relative change:     0.86%     
High:                      1.2984
Low:                       1.2785

Main trend:                 Bearish 
Short-term trend:        Bullish above 1.2800

Resistance 1:        1.2957 July 19 swing low
Resistance 2:        1.3000 figure
Resistance 3:        1.3050 August 30 swing high, key level
Resistance 4:        1.3082-1.3100 supply/demand level and figure

Support 1:        1.2957 July 19 swing low
Support 2:        1.2937 August 22 swing high
Support 3:        1.2900 figure
Support 4:        1.2868 August 22 low 
Support 5:        1.2845, August 29 low
Support 6:        1.2800 August 24 swing low