GBPUSD stays in a falling price channel on the 4-hour chart and remains in the downtrend from 1.2783. As long as the channel resistance hods, the bounce from 1.2439 could be treated as consolidation for the downtrend, further decline to 1.2400 area is still possible after the consolidation. Key resistance is at 1.2539, only break above this level could signal completion of the downtrend.
