The GBP/USD pair has indeed extended its downside move from 1.2745 to as low as 1.2309, indicating a continued bearish momentum.
As long as the price remains below the falling trend line on the 4-hour chart, it is reasonable to anticipate the downside move to continue. The next target could potentially be around the 1.2200 area.
A key resistance level to watch is at 1.2424. A break above this level would indicate a potential completion of the downside move and could trigger a push towards the next resistance at 1.2547.
Traders should closely monitor the price action and adjust their trading strategies accordingly, considering the prevailing downtrend. Any new developments or breakouts should be taken into account to reassess market conditions.