GBPUSD stays in a rising price channel and remains in uptrend from 1.4346. The fall from 1.4885 is more likely consolidation of uptrend. As long as the channel support (now at 1.4700) holds, uptrend will continue. However, a clear break below the channel support will indicate that a cycle top has been formed on 4-hour chart and the rise from 1.4346 has completed, then deeper decline could be seen to 1.4400-1.4450 area.
Join the Discussion