GBPUSD stays below a falling trend line on the 4-hour chart. As long as the price is below the trend line, the downtrend from 1.3267 could be expected to continue and next target would be at 1.2750 area. On the upside, the pair is facing the bullish support trend line on the daily chart. As long as the trend line support holds, the fall from 1.3267 could be treated as consolidation of the uptrend from 1.2109 (Mar 14 low), and another rise towards 1.3450 is still possible. A clear break above the falling trend line could take price back to test 1.2930 and 1.3030 resistance levels. Above these levels could signal resumption of the uptrend.
