No changed in our view, GBPUSD remains in the downtrend from 1.4144, the bounce from 1.3711 could be treated as consolidation for the downtrend. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the downside movement could be expected to resume and a breakdown below 1.3711 support could take price to 1.3500 area. On the upside, a breakout of the channel resistance would suggest that the downside move had completed at 1.3711 already, then further rally to 1.4000 area could be seen.
