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 1.2865 could be treated as consolidation for the downtrend from 1.3132, further decline towards 1.2800 is still possible after the consolidation. However, a breakout of the trend line resistance would indicate that the downside movement had completed at 1.2865 already, then next target would be at around 1.3030.
