GBPUSD: Fall or Rise?

GBPUSD, H4

On the H4, GBPUSD formed a descending channel pattern after a long-term bullish rise. The price fell to the lower boundary, testing necessary support and the lower Bollinger line. At the same time, the Stochastic indicates oversold.

• If the bears push the price below the trend line and support at 1.3080, the fall will be to 1.3030 and 1.2990;

• A rebound from support will bring GBPUSD back to the upper trendline of 1.3180;