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Changing the price in a limit order
This depends on the stock exchange in question. Generally if you modify an existing order [including GTC], these are internally treated as Cancel/Replace Orders. Depending on the action, you may lose the time priority position and a new position would get assigned. More here. (f) Cancel/Replace Orders. Depending on how a quote or order is   modified, the quote or order may change priority position as follows: (1) If the price is changed, the changed side loses position and is   placed in a priority position behind all orders of the same type   (i.e., customer or non-customer) at the same price. (2) If one side's quantity is changed, the unchanged side retains its   priority position. (3) If the quantity of one side is decreased, that side retains its   priority position. (4) If the quantity of one side is increased, that side loses its   priority position and is placed behind all orders of the same type at   the same price.