GBPUSD is currently experiencing a downtrend that initiated from 1.3141, and the recent bounce from 1.2762 is likely a consolidation phase within this downtrend.
As long as the resistance of the trend line remains intact, it is reasonable to anticipate the continuation of the downward movement. The next potential targets on the downside would be at 1.2700, followed by 1.2590.
However, it is necessary to consider the possibility of an upside move as well. If the pair successfully breaks above the resistance of the trend line, it would indicate that the downward movement from 1.3141 has already concluded at 1.2762. In this scenario, another rise towards the previous high at 1.3141 could be observed.
To summarize, the current analysis of GBPUSD suggests the presence of a continuing downtrend with attention given to the trend line for potential changes in the price trajectory.
