GBPUSD’s bounce extended to 1.2949

[forexcycle]

GBPUSD’s bounce from 1.2769 extended to as high as 1.2949. However, the bounce would possibly be correction of the downtrend from 1.3047. As long as the pair is below the ascending trend line on its 4-hour chart, another fall is possible after the correction and next target would be at around 1.2600. Near term support is at 1.2845, a breakdown below this level could take price to the next support level at 1.2769, below this level will confirm that the downtrend has resumed.