GBPUSD broke below 1.3451 support last Friday. Deeper decline towards the bullish trend line on the 4-hour chart would likely be seen. As long as the price is above the trend line, the fall from 1.3652 could be treated as consolidation of the uptrend from 1.2774, and another rise could be expected after the consolidation. Near term resistance is at 1.3600, followed by 1.3652. Above these levels could trigger another rise towards 1.3950. On the downside, a clear break below the bullish trend line would confirm that the uptrend had completed at 1.3652 already, then downside movement could bring price back to 1.2850 area.
