GBPUSD remains in downtrend from 1.4661 and the rise from 1.3654 is treated as correction of the downtrend. Near term resistance is located at 1.4100, as long as this level holds, we’d expect downtrend to resume, and one more fall to 1.3550 is still possible after correction. Only rise above 1.4100 will indicate that a short term cycle bottom has been formed at 1.3654 level on 4-hour chart and further rally could be seen to test 1.4305 resistance.
