GBPUSD failed to break above 1.5779 resistance, and pulled back from 1.5768 yesterday, suggesting that lengthier sideways movement in a range between 1.5423 and 1.5779 is underway. Deeper decline to 1.5500 area to reach next cycle bottom is expected. Key resistance remains at 1.5779, only break above this level could trigger another rise towards 1.6500.

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