GBPUSD In a Descending Channel

As you see in the 4H chart of GBPUSD, we have an uptrend which is in the correction phase in the form of a descending channel.

There is a support level at 1.4030 which has pushed the price to the upside twice.

Currently, Price is at the lower band of the descending channel. If the descending trend line broken out to the upside, we can expect a rise towards the channel’s upper band and in the case of the upside breakout on that level, price can grow more to 1.4190 and then 1.4233

Otherwise, if price comes below 1.4030 again, we can expect a fall to 1.4

By the way, Be careful about tomorrow’s economic news and don’t open any position before news releasing.