GBP/USD is currently confined within a falling price channel on the 4-hour chart, indicating a continuation of the downward movement from 1.3141. As long as the resistance of the channel holds, it is likely that the pair will continue its downside move, with the next target set around the 1.2500 level.
The key resistance level to watch is located at 1.2817. A breakout above this level would suggest that the downward movement has already completed at 1.2547. In such a case, the next target for resistance would be around the 1.2995 level.
Traders should closely monitor the price action in GBP/USD, paying attention to the behavior around the channel resistance and the 1.2817 level. This will provide insights into whether the pair continues its downward trend or attempts a reversal in the near future.
