GBPUSD Daily Analysis – December 7, 2016

GBPUSD remains in uptrend from 1.2302, the fall from 1.2774 is likely consolidation of the uptrend. Support is at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to resume, and further rise to 1.2900 area is still possible. Only a clear break below the channel support could signal completion of the uptrend.

gbpusd chart