Being contained by 1.4784 previous low support, GBPUSD bounced from 1.4798. suggesting range trading between 1.4784 and 1.5001 is underway. However, the price action in the trading range is more likely consolidation of downtrend from 1.5382, another fall towards 1.4500 is possible after consolidation. On the other side, above 1.5001 resistance may suggest that a cycle bottom has been formed on 4-hour chart, then further rally could be seen to 1.5080 or even higher.

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