GBPUSD remains in downtrend from 1.2569, the bounce from 1.2214 is likely consolidation of the downtrend. Near term resistance is at the top of the price channel on 4-hour chart. As long as the pair stays in the channel, the downtrend could be expected to continue, and next target would be at 1.2100 area. Key resistance is at 1.2320, only break above this level will indicate that the downtrend had completed at 1.2214 already, then the following upward movement could bring price to 1.2600 zone.
