GBPUSD’s downward movement from 1.6668 extended to as low as 1.6445. Deeper decline to test the support of the lower line of the price channel on 4-hour chart is possible. As long as the channel support holds, the fall from 1.6668 could be treated as consolidation of the longer term uptrend from 1.5854 (Nov 12, 2013 low), one more rise towards 1.7000 could be expected after consolidation. On the downside, a clear break below the channel support will indicate that the uptrend from 1.5854 had completed at 1.6668 already, then the pair will find support around 1.6000.
