GBP/USD tested the upper band of a multi-month channel near 1.31/1.3180 resulting in a phase of pullback. It has formed a series of lower peaks and troughs in daily time chart. This points towards potential downside in short-term however lower limit of the channel at 1.2670/1.2600 which is also recent pivot low is crucial support. Only if this gets violated would there be risk of a larger downtrend.  

Test of 1.2670/1.2600 could result in a bounce. Last week's high of 1.3000 must be overcome for affirming continuation in up-move.