GBPUSD might be forming a short term cycle bottom at 1.8512 on 4-hour chart. Key resistance is located at 1.8787, a break of this level will confirm the cycle bottom, and then further rise could be seen to test 1.8900 resistance. However, the rebound from 1.8512 is treated as correction to down trend. As long as 1.8900 level holds, we’d expect down trend to resume, and deeper decline is still possible after correction.
