GBPUSD extended its downside movement from 1.2581 to as low as 1.2303. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2200 area. On the upside, a breakout of the trend line resistance would indicate that the downside movement is complete, then another rise towards 1.2600 could be seen.
