GBPUSD failed to break above the bearish trend line on the 4-hour chart, suggesting that the pair remains in the downtrend from 1.3174. As long as the trend line resistance holds, the price action from 1.2723 could be treated as consolidation for the downtrend and further decline towards 1.2500 is possible after the consolidation. Only a clear break above the trend line resistance could signal completion of the downtrend.
