GBPUSD’s bounce from 1.2634 extended to as high as 1.2817. However, the bounce is likely consolidation of the downtrend from 1.3047. As long as the pair is below 1.2850 resistance, the downtrend could be expected resume, and another fall to 1.2500 area is still possible. Only a break of 1.2850 resistance could signal completion of the downtrend.
