Under pressure by the top resistance trend line of the price channel on the weekly chart, GBPUSD pulled back from 1.3125, indicating that the short term uptrend from 1.2811 is complete. Deeper decline could be expected over the next several days and the target would be at 1.2900 area. The key support is at 1.2811, as long as the price is above this level, the fall would possibly be correction of the uptrend from 1.2589 and another rise to test the channel resistance is still possible.
