GBP/USD Continues Falling

GBP/USD spent several weeks consolidating sideways above the support at 1.3040, forming multiple hammer candlesticks on the weekly time-frame above the aforementioned support level. Today the pair finally broke out below that level, rendering said hammer candlesticks false signals. The move to the downside currently continues and the pair has already broken out below 1.3000 as well. Next target is probably around 1.2950. A breakout below that support could lead to a further move to the downside towards 1.2900 and likely below it, towards 1.2700. The last low for the pair is at 1.1740, but that is a long-term target, obviously.