GBPUSD broke below 1.2839 support, suggesting that the upside movement from 1.2195 had completed at 1.3012 already. Resistance is now located at the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.2700 area. Only break above the channel resistance could trigger another rise towards 1.3150.
