GBPUSD broke above the top trend line of the price channel on the 4-hour chart. Further rally towards 1.2996 resistance could be expected in the coming days, above this level could signal completion of the downtrend from 1.3217. On he downside, as long as 1.2996 resistance holds, the bounce from 1.2772 could be treated as consolidation for the downtrend, further decline towards 1.2700 is still possible after the consolidation.
