GBP/USD has been rallying in a choppy rising channel throughout 2017. The channel support is now being tested and appears to be cracking. However, the daily chart still shows a bullish market. GBP/USD Daily Chart(click to enlarge)Support Holding:- The daily chart shows that the channel support actually held. - It might be premature to say that the channel support cracked.- In fact, if price can climb back above 1.3345, GBP/USD would likely push towards the high around 1.3650. - However, as long as price is under 1.33, there is still pressure on the channel support.- If price holds under 1.32, then we have to anticipate a pending bearish breakout.Bearish Signs?- The 4H chart can give us some short-term signs.- At the moment, price action looks bullish in the near-term.- But let's see what happens around 1.32.- If price starts to stay under 1.32, and the RSI starts to stay under 60, then we should have a bearish outlook and anticipate a pending break of the channel support, and then the current range support around 1.3030. - A the same time, if you are bullish on GBP/USD, this area around 1.31 is a great place for a pivot back towards the bullish trend.- Then, clearing above 1.3345 would be a strong sign of bullish continuation. But holding under 1.32 would be a strong sign that GBP/USD will break below the 1.30-1.3030 support area. GBP/USD 4H Chart(click to enlarge)