GBPUSD failed to break above 1.3012 resistance and pulled back from 1.2985, breaking below the rising trend line on the 4-hour chart. Deeper decline towards 1.2870 is possible, a breakdown below this level would confirm that the upside movement from 1.2768 had completed at 1.2985 already, then next target would be at 1.2800 area. Near term resistance is now at 1.2985, only break above this level could trigger another upside move towards 1.3100.
