GBPUSD is facing the resistance of the falling price channel on the 4-hour chart. A breakout of the channel resistance would indicate that the upside movement from 1.1409 has resumed, then further rise to 1.2800 area could be seen. On the downside, as long as the channel resistance holds, the bounce from 1.2164 could be treated as consolidation for the downtrend from 1.2485, one more fall towards 1.2000 is still possible.
