GBPUSD has recently extended its downward trend, falling from 1.3141 to as low as 1.2797. Despite this significant drop, there is immediate resistance at 1.2883. As long as this level holds, the downside move could be expected to continue, with the next target being the 1.2750 area.
On the other hand, if the price manages to break out of the 1.2883 resistance level, it could rebound back towards the key resistance level of 1.2963. If the price rises above this level, it would confirm that the downside move has already completed at 1.2797 and another rise towards the previous high of 1.3141 could be seen.
Overall, while further decline is possible for GBPUSD, there are also potential resistance levels that could see the price rebound. It remains to be seen how the market will react in the coming days.
