GBPUSD remains in downtrend from 1.5016, the bounce from 1.1946 is likely consolidation of the downtrend. Range trading between 1.1946 and 1.2700 could be expected over the next several weeks. Resistance is at 1.2700, as long as this level holds, the downtrend could be expected to resume, and further decline to 1.1000 area is still possible.
