GBPUSD extended its downside movement from 1.3217 to as low as 1.2853. As long as the price is in the falling price channel on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2800 area. Key resistance is at 1.2996, above this level would indicate that the downside movement had completed at 1.2853 already, then the pair would find next resistance level at around 1.3100.
