GBPUSD’s bounce from 1.2475 extended to as high as 1.2671, breaking above 1.2640 resistance. Further rally is still possible and the target would be at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 1.2475 could be treated as consolidation for the downtrend from 1.3174, another fall towards 1.2400 could be expected after the consolidation.
