GBPUSD Daily Analysis – January 3, 2017

GBPUSD stays in the downward price channel on 4-hour chart, and remains in downtrend from 1.2774. As long as the channel resistance holds, the rise from 1.2202 could be treated as consolidation of the downtrend, and further decline to 1.2000 area is still possible. Only a clear break above the channel resistance could signal completion of the downtrend.

gbpusd chart