GBPUSD stays in a rising price channel on the daily chart and remains in the uptrend from 1.1987. As long as the price is in the channel, the fall from 1.3267 could be treated as consolidation of the uptrend, and further rise to 1.3700 area is still possible after the consolidation. Key support is now located at 1.2774, a breakdown below this level could signal completion of the uptrend from 1.1987, then the following downside movement could bring price to test 1.1946 (Oct 7, 2016 low) support.
