GBPUSD is facing the resistance of the bottom trend line of the price channel on 4-hour chart. As long as the pair is below the trend line, the bounce from 1.2769 could be treated as consolidation of the downtrend from 1.3047 and further decline to 1.2700 area is still possible. On the upside, a clear break of the trend line resistance will indicate that the longer term uptrend from 1.2109 (Mar 14 low) has resumed, this could trigger another rise towards 1.3300.
