GBPUSD extended its downside movement from 1.3176 to as low as 1.2558. Near term resistance is at the top trend line of the price channel on the 4-hour chart, as long as channel resistance holds, the downside movement could be expected to continue and next target would be at 1.2500 area. Key resistance is at 1.2747, only break above this level could signal completion of the downtrend.
