The GBPUSD currency pair is currently confronting a key resistance level at 1.2817. A decisive breakthrough above this level would serve as confirmation that the downward movement from 1.3141 has already concluded at 1.2615. In such a scenario, the next target for the pair would be in the 1.3000 area.
However, it is important to note that as long as the resistance at 1.2817 holds, the price action subsequent to 1.2619 could potentially be a period of consolidation within the overall downtrend. This consolidation phase suggests that there is still a possibility of further decline, with a potential target in the region of 1.2500.
To summarize, the GBPUSD pair is currently encountering resistance at 1.2817. A successful breach above this level would confirm the completion of the downward move from 1.3141 and potentially lead to a rally towards the 1.3000 area. Conversely, if the resistance at 1.2817 remains intact, the price action may indicate consolidation for the downtrend, with the possibility of a further decline towards the 1.2500 area.
