GBPUSD’s downward movement from 1.3445 extended to as low as 1.2946. Near term resistance is at 1.3100, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.2800 area. Key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.
