GBPUSD continued its downward move from 1.6453 and the fall extended to as low as 1.5707. Resistance remains at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.5600 area. However, a clear break above the trend line resistance will indicate that a cycle bottom has been formed on 4-hour chart, then consolidation of downtrend could be seen.

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