GBPUSD has continued its downward movement from 1.3141, reaching as low as 1.2679.
As long as the pair remains below the descending trend line on the 4-hour chart, there is a likelihood for the downside move to persist. The next potential target for the pair would be at 1.2590, representing a significant support level.
Immediate resistance can be found at 1.2805. A break above this level could potentially lead to a retracement towards the falling trend line.
To signal a possible completion of the downtrend, a decisive break above the resistance level and the falling trend line would be needed.
In summary, the recent analysis suggests that GBPUSD has continued its downward trajectory, with a potential target at 1.2590. Traders should monitor the immediate resistance level at 1.2805 and assess any potential breakouts for potential changes in the price direction.
