GBPUSD inability to defend key horizontal support near the 1.2950-65 region confirms a fresh bearish break through a descending triangular formation With technical indicators on daily chart gaining negative traction and still far from being in the oversold territory, the pair seems more likely to extend the downfall further towards challenging the 1.2900 round figure mark. A follow-through selling has the potential to drag the pair further towards testing sub-1.2800 level, 1.2790-80 support area in the near-term. On the flip side, attempted recovery might now the support break-point, around the 1.2965-70 region, Any subsequent up-move seems more likely to remain capped near a short-term descending trend-line (part of the descending triangle), currently near the 1.3035-40 region.