GBPUSD remains in downtrend from 1.6623 and the fall extended to as low as 1.6153 level. The rebound from 1.6153 is treated as consolidation of downtrend. Near term resistance is at the upper border of the falling price channel on 4-hour chart, as long as the channel resistance holds, we’d expect downtrend to resume, and deeper decline to 1.6000 is possible. However a clear break above the channel resistance will suggest that a short term cycle bottom is being formed at 1.6153 level, then lengthier consolidation in a range between 1.6153 and 1.6400 could be seen to follow.
