GBPUSD remains in the downtrend from 1.3257, the bounce from 1.2776 is likely consolidation for the downtrend. As long as the price is below the bearish trend line on the 4-hour chart, the downtrend could be expected to continue and next target would be at 1.2700 area. Only a breakout of the trend line resistance could signal completion of the downtrend.
