GBPUSD remains in the uptrend from 1.2774, the price action from 1.2978 is likely consolidation of the uptrend. Near term support is at 1.2852, as long as this level holds, the uptrend could be expected to resume and next target would be at 1.3100 area. On the downside, a breakdown below 1.2852 support could take price to the key support level at 1.2774, below this level could signal completion of the uptrend from 1.1987 (Jan 16 low), then the following downside movement could bring price to test 1.1946 (Oct 7, 2016 low) support.
