GBPUSD broke below the bottom of the rising price channel on the 4-hour chart, suggesting that the upside movement from 1.2251 had completed at 1.2669 already. Further decline would likely be seen and next target would be at 1.2450, followed by 1.2200. Near term resistance is at 1.2620, a break of this level could trigger another rise towards 1.2800.
