GBPUSD’s bounce from 1.2589 extended to as high as 1.2759. Further rise to test the resistance of the top trend line of the price channel on its 4-hour chart is possible. As long as the channel resistance holds, the bounce could be treated as consolidation of the downtrend from 1.3047, and another fall towards 1.2450 could be expected after the consolidation. Key resistance is at 1.2817, only break above this level will indicate that the downtrend had completed at 1.2589 already, then the following upside move could bring price into 1.3000 zone.
