GBPUSD is now in the downtrend from 1.3047, the bounce from 1.2775 is likely consolidation of the downtrend. Resistance is located at the bottom support trend line of the price channel on 4-hour chart which turns to be resistance to the upside, now at around 1.2900. As long as this level holds, the downtrend could be expected to continue and next target would be at 1.2700 area.
