GBPUSD broke below the bottom of the price channel on the daily chart, suggesting that the short term uptrend from 1.2661 had completed at 1.3298 already and correction for the uptrend is underway. Deeper decline is still possible next week and the target would be at 1.2850 area. However, as long as 1.2850 support holds, the uptrend could be expected to resume and a break of 1.3160 level could trigger another rise towards 1.3500.
