GBPUSD formed a cycle top at 1.4769 level on 4-hour chart. The fall from 1.4769 could possibly be resumption of downtrend. Another fall towards 1.4230 is expected later today and a breakdown below this level will confirm the resumption of downtrend, then next target would be at 1.4000 area. 20100608_gbpusd_1.gif