A move back to the channel support is possible

GBPUSD is trading back and forth within this rising price channel since April 2020. Currently, the price has pulled back from the upper trend line of the price channel. If we can get a bearish candle today, then there's a possibility of a drop back to the 1.2370 level by the end of August.

However, if GBPUSD breaks out of the price channel to the upside then the bearish set-up that I have described above will be invalid.