GBPUSD’s fall from 1.3125 extended to as low as 1.2932. Deeper decline is still possible and the target would be at the bottom trend line of the price channel on the 4-hour chart. On the upside, as long as the channel support holds, the price action from 1.3029 could be treated as consolidation of the uptrend from 1.2589, and another rise to test the resistance of the top trend line of the price channel on the weekly chart is possible. Key support is at 1.2811, only a break down below this level could signal completion of the uptrend.
