GBP/USD continues to stay below a falling trend line on the 4-hour chart, indicating that the pair is still in a downtrend.
The downside move has extended to as low as 1.2232, suggesting further potential for the pair to decline.
As long as the trend line resistance holds, it is reasonable to expect that the downside move could continue, with the next target around the 1.2150 area.
Immediate resistance can be found at 1.2305. A break above this level could lead the price back towards the trend line resistance.
A key resistance to watch is at 1.2424. If the price manages to break above this level, it would confirm a potential completion of the downside move and could pave the way for a push towards the next resistance at 1.2547.
Traders should closely monitor the price action and key levels mentioned to adjust their trading strategies accordingly, considering the prevailing downtrend. Any breakout or reversal signals should be taken into consideration while making trading decisions.