GBPUSD stays in the descending price channel on 4-hour chart and remains in downtrend from 1.2569. As long as the pair is in the channel, the downtrend could be expected to continue, and next target would be at 1.2000 area. Key resistance is at 1.2215, only break above this level will indicate that the downtrend had completed at 1.2134 already, then the following upward movement could bring price to 1.2600 zone.

gbpusd chart

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