GBPUSD stayed in the trading range between 1.1946 and 1.2477 for several days. As long as 1.2477 resistance holds, the price action in the trading range could be treated as consolidation of the downtrend from 1.3445 (Sept 6 high), another fall to 1.1500 area is still possible after consolidation. On the other side, a break of 1.2477 resistance will indicate that the downward movement had completed at 1.1946 already, then further rally to test the resistance of the downward trend line on 4-hour chart could be seen.
