GBPUSD is facing the resistance of the falling price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.2871 could be treated as consolidation for the downtrend from 1.3209, further decline to 1.2800 area is possible after the consolidation. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 1.2871 already, then further rise to 1.3150 area could be seen.
