The GBPUSD currency pair is currently encountering resistance at the 1.2817 level. As long as this resistance level holds, the price action from 1.2619 could be viewed as consolidation within the larger downtrend that originated from 1.3141. In this scenario, there is still the possibility of further decline towards the 1.2500 area.
However, if the price manages to break above the resistance level at 1.2817, it would confirm that the downside move has already concluded at 1.2615. In such a case, the next target for the pair would be around the 1.3000 area.
To summarize, GBPUSD is currently facing resistance at 1.2817. If this resistance level remains intact, the price action from 1.2619 could indicate consolidation for the downtrend from 1.3141, potentially leading to further decline towards 1.2500. On the upside, a breakout above 1.2817 would confirm the completion of the downside move at 1.2615 and suggest a target of 1.3000.