GBPUSD is testing the resistance of the bearish 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, a breakdown below 1.2606 support could trigger another fall towards 1.2400. On the upside, a break of the trend line resistance would indicate that the downside movement had completed at 1.2475 already, then next target would be at 1.2900 area.
