GBPUSD is facing the support of the lower line of the price channel on 4-hour chart.

A clear break below the channel support will confirm that the uptrend from 1.6465 (Mar 24 low) had completed at 1.6996 already, then the following downward movement could bring price back to 1.6600 area.

On the upside, as long as the channel support holds, the fall from 1.6996 would possibly be consolidation of the uptrend, and one more rise to 1.7200 area is still possible

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the GBPUSD 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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