GBPUSD broke below the bottom trend line of the price channel on 4-hour chart, and is now facing the 1.2844 key support. A breakdown below this level indicate that the upward movement from 1.2365 had completed at 1.3047 already, then the pair will find support around 1.2700. On the upside, as long as 1.2844 support holds, the fall from 1.3047 would possibly be consolidation of the uptrend, and one more rise towards 1.3100 could be expected after the consolidation.
