GBPUSD extended its downside movement from 1.4376 to as low as 1.3459. Key resistance is now at 1.3617. As long as this level holds, the sideways movement in a range between 1.3459 and 1.3617 could be treated as consolidation for the downtrend and further decline to 1.3400 area is still possible after the consolidation. On the upside, a breakout of 1.3617 resistance would confirm that the downside movement had completed at 1.3459 already, then the pair would find next resistance level at around 1.3700.
