GBPUSD failed to break below 1.1946 previous low support and stayed in the trading range between 1.1946 and 1.2774. Further rise to test 1.2774 resistance could be expected in a couple of weeks. As long as 1.2774 resistance holds, the price action in the trading range could be treated as consolidation of the downtrend from 1.5016 and further decline to 1.1500 area is possible after consolidation.
