GBPUSD formed a short term cycle bottom at 1.5801 level on 4-hour chart. The rise from 1.5801 is now treated as resumption of uptrend from 1.3654 (Mar 11 low). Further rise to test 1.6662 previous high resistance is now in favor. However, consolidation is expected before breaking above this level. Initial term support is now located at 1.6230, as long as this level holds, we€™d expect the short term uptrend from 1.5801 to continue.
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