GBPUSD rebounded strongly from 1.5484, suggesting that a cycle bottom had been formed on 4-hour chart. Further rise to test 1.5776 resistance could be expected, a break above this level will signal resumption of the uptrend from 1.5268, then next target would be at 1.6000 area. However, as long as 1.5776 resistance holds, the rise from 1.5484 could possibly be correction of the downtrend from 1.5776, and another fall towards 1.5268 is still possible.
