GBPUSD has broken below the support level at 1.2762, indicating the resumption of the downtrend from 1.3141.
With this breakout, it is likely that further decline may be observed in the upcoming days. The next potential targets for the pair would be at 1.2700, followed by 1.2590.
On the upside, there is a resistance located at the falling trend line on the 4-hour chart. To signal a potential reversal or a temporary halt in the downtrend, a break above the trend line resistance would be required. Such a breakout could then trigger another rise towards the previous high at 1.3141.
In summary, the recent analysis suggests that GBPUSD is now in a downtrend, with potential targets at 1.2700 and 1.2590. Traders should monitor the trend line resistance and assess any potential breakouts for possible changes in the price movement.
