GBPUSD’s downward movement from 1.2774 (Dec 6, 2016 high) extended to as low as 1.1990. Further decline could be expected after a minor consolidation, and next target would be at 1.1900 area. Resistance is located at the top of the price channel on 4-hour chart. Only a clear break above the channel resistance could signal completion of the downtrend.
