GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.6465 (Mar 24 low), and the fall from 1.6918 is likely consolidation of the uptrend.

As long as the channel support holds, the uptrend could be expected to continue after consolidation, and next target would be at 1.7000 area.

Key support is at 1.6762, only break below this level will indicate that the uptrend had completed at 1.6918 already, then the following downward movement could bring price back to 1.6600 area.

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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