GBPUSD has formed a cycle bottom at 1.5484 level on 4-hour chart. Now the price action from 1.5484 is treated as consolidation of downtrend. Bounce towards the upper border of the price channel would likely be seen in a couple of days. As long as the channel resistance holds, downtrend is expected to resume and another fall to 1.5300-1.5400 area is still possible.