GBPUSD extended its downside movement to as low as 1.2831, facing the support at 1.2811. Near term resistance is at the top trend line of the price channel on its 4-hour chart, followed by 1.2915. As long as the channel resistance holds, the downside movement from 1.3267 could be expected to continue and next target would be at 1.2750 area. On the upside, a break of 1.2915 resistance will indicate that the downtrend is complete, then the following bullish movement could bring price back to test 1.3030 resistance.
