GBPUSD remains in downtrend from 1.2774 (Dec 6, 2016 high), the rise from 1.2037 is likely consolidation of the downtrend. Near term resistance is at the top of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.1900 area. Key resistance is at 1.2432, only break above this level will indicate that the downtrend had completed at 1.2037 already, then the following upward movement could bring price to 1.3000 zone.
