GBPUSD remains in the downtrend from 1.2578, the bounce from 1.2381 is likely consolidation for the downtrend. Further decline could be expected after the consolidation, a breakdown below 1.2381 support could take the price to 1.2300 area. Resistance is at 1.2475, only break above this level could bring the price back towards 1.2578 resistance.
