GBPUSD broke above 1.5334 key resistance, suggesting that a cycle bottom had been formed at 1.5124 level on 4-hour chart. Now the pair is facing 1.5471 resistance, a break above this level could target 1.5522 (Apr 15 high) long term key resistance, above this level will indicate that the downtrend from 1.7042 (2009 high) is complete.

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