Being supported by 1.6113 previous low, GBPUSD rebounds from 1.6133, however, the rise is more likely consolidation of downtrend from 1.6741, further fall to test 1.6113 support is still possible later today, and a breakdown below this level will indicate that uptrend from 1.3503 (Jan 23 low) has completed at 1.7042 level already. Near term resistance is at 1.6350, as long as this level holds, we’d expect downtrend to continue.
