GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.6465, the fall from 1.6820 could be treated as consolidation of the uptrend.

Deeper decline would likely be seen, and the target would be at the lower line of the channel. On the upside, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.7000 is possible.

Only a clear break below the channel support will signal completion of the uptrend.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling, minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling with the shares representing a cost-effective investment relative to investing in the FOREX market.

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