GBPUSD is in a downtrend from 1.3141, and the recent bounce from 1.2619 could be considered a consolidation phase within this downtrend.
As long as the price remains below the descending trend line on the 4-hour chart, it is reasonable to expect the continuation of the downward move. Another fall to test the 1.2590 support level is still possible, and a breakdown below this level could potentially target the 1.2500 area.
Immediate resistance can be found at 1.2770. A break above this level could potentially trigger a retracement towards the falling trend line.
To indicate a potential completion of the downtrend, a decisive break above the resistance level and the descending trend line would be necessary.
In summary, the current analysis suggests that GBPUSD remains in a downtrend, with focus on the resistance of the trend line. Traders should monitor the immediate resistance level at 1.2770 and assess any potential breakouts for possible changes in the price direction and signs of a potential reversal in the downtrend.