GBPUSD is facing the resistance of the price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.2832 could be treated as consolidation for the downtrend from 1.3217, further decline towards 1.2750 is still possible after the consolidation. On the upside, a breakout of the channel resistance could take the price to next resistance level at 1.2996, above here could signal completion of the downtrend.
