The GBP/USD failed to break above the upper line of the price channel on 4-hour chart, suggesting that the pair is remaining in downtrend from 1.5605; the price action from 1.5014 could be treated as consolidation of the downtrend. Range trading between 1.5014 and 1.5156 will probably be seen in a couple of days. Key resistance is now at 1.5156. We expect the downtrend to resume as long as this level holds, and one more fall to 1.4900 is still possible. On the upside, a break above 1.5156 will indicate that the downtrend from 1.5605 ha already completed at 1.5014, then the following upward move could bring price to 1.5400 – 1.5500 area.