GBPUSD extended its downside movement from 1.3069 to as low as 1.2848, breaking below 1.2871 support. As long as the price is in the falling price channel on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2800 area. On the upside, a breakout of the channel resistance would suggest that the short term downtrend had completed at 1.2848 already, then another rise towards 1.3000 could be seen.
