The pound sterling once again tested the price level near 1.2643. However, price was rejected strongly at this level as GBPUSD settled lower.
The rising trend line is now acting as a dynamic support. But this could be threatened in case of a move lower.
A break down from the trend line might accelerate the decline to the 1.2516 level.
Given the fact that price action did not test this level, it could be the downside target. This is unless of course, GBPUSD manages to breakout higher.
A close above 1.2643 will signal a move toward the 10 June highs of 1.2779.