GBPUSD’s bounce from 1.5874 extended to as high as 1.6109. Further rise is still possible, and next target would be at the upper line of the price channel on 4-hour chart. However, as long as the channel resistance holds, the bounce would possibly be consolidation of the downtrend from 1.6524, another fall towards 1.5600 could be expected after consolidation. Key resistance is at 1.6226, only break above this level could indicate that the downtrend had completed at 1.5874 already, then the following upward movement could bring price to 1.6400 zone.
