GBPUSD stays below a downtrend line on 4-hour chart, and remains in downtrend from 1.6453, and the fall extended to as low as 1.5912. As long as the trend line resistance holds, downtrend could be expected to continue, and one more fall to 1.5850 area is still possible. On the other side, a clear break above the trend line will indicate that a cycle bottom has been formed at 1.5912 and the fall from 1.6453 has completed.
Written by ForexCycle.com
