GBPUSD extended its downside movement from 1.3472 to as low as 1.3101. The subsequent bounce could be treated as consolidation for the downtrend. As long as 1.3298 resistance holds, the downside movement could b expected to resume and another fall towards 1.3000 is still possible after the consolidation. Only a breakout of 1.3298 resistance would indicate that the downside movement had completed at 1.3101 already, then further rally to 1.3400 area could be seen.
