GBPUSD’s downwards movement from 1.6339 extends to as low as 1.5475. Resistance is located a the trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.5400 area. On the upside, a clear break above the trend line resistance will indicate that a cycle bottom has been formed, and consolidation of the downtrend is underway, then further rise to 1.5700 area could be seen.
