Being contained by the lower line of the price channel on 4-hour chart, GBPUSD rebounded from 1.6832, indicating that the pair remains in uptrend from 1.6465 (Mar 24 low), and the fall from 1.6996 could be treated as consolidation of the uptrend. Range trading between 1.6832 and 1.6996 would likely be seen over the next several days. Key support is now at 1.6832, as long as this level holds, the uptrend could be expected to resume, and one more rise to 1.7200 area is still possible. However, a breakdown below 1.6832 support will confirm that the uptrend had completed at 1.6996 already, then the following downward movement could bring price back to 1.6600 zone.
