The bull channel is still valid. The reason for the drop was solely based on the rate hike today and the dovish tone. The fact remains that the brexit negotiations are looking fruitful which will strengthen the pound greatly. The bull channel is still valid.
@Jamal92, Correct, but notice the hard ceiling in the larger trendline - GBP will have a hell of time trying to get past 1.34's additionally, there is a nice bear flag forming. Also, look at the monthly chart going back to 90's, we're in a period of weak pound which could be extended for a while.