GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.5429, and the fall from 1.6162 could be treated as consolidation of the uptrend. Initial support is at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.6500 is still possible. On the other side, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 1.4813 (July 9 low) is underway, then deeper decline to 1.5700 area could be seen.
Provided by ForexCycle.com
