GBPUSD extended its downside movement from 1.3617 to as low as 1.3291. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.3150 area. On the upside, a clear break above the channel resistance could bring the price back to 1.3450 area, above here would aim 1.3600 area.
