GBP/USD Waiting for Breakout in Downward Channel

GBP/USD is currently moving within a downward channel with resistance around 1.3000 and support at 1.2850. If the price breaks the upper channel boundary, an uptrend could be formed, with the target of reaching higher highs. Conversely, if the support at the lower boundary is broken, the downtrend could resume, pushing the price lower. The EMAs (34 and 89) are sloping downwards, indicating weak bullish momentum. Traders should keep a close eye on the channel boundaries to determine the next move.