GBPUSD’s downside movement from 1.4376 extended to as low as 1.3049. Near term resistance is at the top trend line of the price channel on the daily chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.2500 area. On the upside, a break of the channel resistance could bring the price back to test 1.3472 key resistance, only a break of this level could signal completion of the downtrend.
