GBPUSD moved below 1.2811 support and extended its downside movement to as low as 1.2779. Near term resistance is located at the top trend line of the price channel on the 4-hour chart. As long as the price is in the channel, the downtrend from 1.3267 could be expected continue and next target would be at 1.2750 area. Key resistance is at 1.2916, only break above this level could signal completion of the downtrend.
