GBPUSD pulled back to 1.6474

Being contained by the upper line of the price channel on 4-hour chart, GBPUSD pulled back to 1.6474, suggesting that the upward movement from 1.6309 had completed at 1.6668 already, and consolidation of the longer term uptrend from 1.5854 (Nov 12, 2013 low) is underway. Deeper decline would likely be seen, and the target would be at the bottom of the channel. On the upside, as long as the channel support holds, the uptrend from 1.5854 could be expected to resume, and one more rise towards 1.7000 is still possible.