This trade setup on GBP/USD is formed by a period of consolidation; a period in which the price primarily moves sideways before choosing a new direction for the longer term. Because of the bearish breakout through support, it seems to suggest that we could see the next price move to 1.2488.
GBP/USD has broken through support of a Channel Up. It has touched this line at least twice in the last 16 days.
