GBPUSD is facing the resistance of the falling price channel on the daily chart. As long as the channel resistance holds, the bounce from 1.1958 could be treated as consolidation for the downtrend from 1.3381, further decline to 1.1800 area is still possible after the consolidation. On the upside, a clear break above the channel resistance would indicate that the downtrend had completed at 1.3381 already, then the following upside movement could take the price to 1.3000 area.
