GBPUSD broke below the bottom of the price channel on the 4-hour chart, suggesting that the upside movement from 1.2785 had completed at 1.3298 already. Further decline would likely be seen after a minor consolidation and next target would be at 1.2950 area. Near term resistance is at 1.3170, as long as this level holds, the downtrend from 1.3298 will continue.
