FX:GBPUSD British Pound/U.S. Dollar
On the GBPUSD (4H) chart, price is trading close to the low of the channel after bouncing off the 161.8% (at 1.2690x) extension of a prior swing low. Since we are currently trading below the range lows, I would expect this area to act as resistance. The market is over extended and there is significant separation between price and the 50 as well as the 20 . Expect some ratracement back to those was well as the top of the channel.