GBPUSD is facing the support of the upward price channel on 4-hour chart. As long as the channel support holds, the fall from 1.2774 could be treated as consolidation of the uptrend from 1.2302 and further rise to 1.2900 area is still possible. On the downside, a clear break below the channel support will indicate that the uptrend had completed at 1.2774 already, then the following downward movement could bring price back to 1.2000 zone.
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