GBPUSD remains in uptrend from 1.5854 (Nov 12, 2013 low), the fall from 1.6593 could be treated as consolidation of the uptrend. Deeper decline could be expected, and the target would be at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the uptrend from 1.5854 could be expected to resume, and one more rise towards 1.7000 is still possible. On the downside, a clear break below the channel support will indicate that the uptrend from 1.5854 had completed at 1.6593 already, then the pair will find support around 1.6100.
Provided by ForexCycle.com
