GBPUSD failed to break above 12817 resistance

[forexcycle]

GBPUSD failed to break above 12817 resistance and stays in the trading range between 1.2634 and 1.2817. As long as 1.2817 resistance holds, the price action in the trading range could be treated as consolidation of the downtrend from 1.3047 and further decline to 1.2500 area is still possible after the consolidation. Key resistance is at 1.2850, only a break of this level will indicate that the downtrend had completed at 1.2634 already, then the following upward movement could take price into 1.3300 zone.