GBPUSD is facing the resistance of the falling price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.2772 could be treated as consolidation for the downtrend from 1.3217, further decline towards 1.2700 is still possible after the consolidation. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 1.2772 already, then the pair would find next resistance level at 1.2996.
