GBPUSD Daily Analysis – July 12, 2019

GBPUSD broke above the resistance of the price channel on the 4-hour chart. However, the bounce from 1.2439 is likely corrective consolidation for the downtrend from 1.2783, another fall towards 1.2400 is still possible after the consolidation. Resistance is now at 1.2570, only break above this level could signal completion of the downtrend.

GBPUSD 4-hour chart