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GBP/USD : Breakout From Uptrend Channel

GBPUSD was earlier trading within an upward channel trend and broke out today from the support trend line of the channel. The pair came under pressure during the European session and continued its decline to find support at 1.6621. From the stochastic oscillator it seems like the pair will continue to decline below 1.6621. It would be a good time to enter short trade with take profit at 1.6599. 

On the daily chart, a rectangle pattern can be seen which serve as either a reversal or continuation formation and the pair might breakout or breakdown. Another way to trade rectangle pattern is to wait for the breakout.