GBPUSD is facing the resistance of the falling price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.2788 could be treated as consolidation for the downtrend from 1.3012, further decline to 1.2700 area is possible after the consolidation. Key resistance is at 1.2876, above this level would indicate that the downtrend had completed at 1.2788 already, then another rise towards 1.3150 could be seen.
