GBPUSD remains in the downtrend from 1.3176, the price action in the trading range between 1.2558 and 1.2747 is likely consolidation for the downtrend. As long as 1.2747 key resistance holds, the downtrend could be expected to resume and further decline towards 1.2500 is still possible after the consolidation. Only a breakout of 1.2747 resistance could signal completion of the downtrend.
