Price action on GBP/USD, a 4-hour chart of which is shown, has descended to approach the bottom of a parallel uptrend channel that has been in place since early June. Currently, this lower channel border resides around the 1.6300 price region. If the current bearishness in this currency pair continues down to break below this uptrend support line, the 1.6000 price region should serve as a significant further support target to the downside. In the event of a bounce at or near the uptrend line, the 1.6600 region should continue to serve as intermediate upside resistance.
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