GBPUSD failed to break above 1.3012 resistance and pulled back from 1.2975, breaking below the rising trend line on the 4-hour chart. Further decline would likely be seen in the coming days and next target would be at 1.2788 support. As long as 1.2788 support holds, the price action in the trading range between 1.2788 and 1.3012 could be treated as consolidation for the uptrend from 1.2195, further rise towards 1.3100 is possible after the consolidation.
