GBP/USD retreated yesterday after re-testing the head-and-shoulders neck-line and may be in for a sustained downtrend in the near term. GBP/USD is likely to fall below the 1.24 bear target and is expected to continue falling. If we can rise above 1.2605, we may change the trend and start to rise. The first target is 1.2735. Today I expect GBP/USD to trade between 1.2450 and 1.2590.