GBPUSD remains in downtrend from 1.2774, the rise from 1.2228 is likely consolidation of the downtrend. Near term resistance is at the top of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and further decline to 1.2000 area is still possible. Key resistance is at 1.2500, only break above this level could signal completion of the downtrend.
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