GBPUSD remains in the downtrend from 1.3047, the bounce from 1.2634 could be treated as consolidation of the downtrend. Range trading between 1.2634 and 1.2850 would likely be seen in a couple of days. As long as 1.2850 resistance holds, the downtrend could be expected to resume and another fall towards 1.2500 is possible after the consolidation. On the upside, a break of 1.2850 resistance will indicate that the downtrend had completed at 1.2634 already, this could trigger another bullish move towards 1.3280.
