GBPUSD may be forming a cycle bottom at 1.6058 level on 4-hour chart. Consolidation in a range between 1.5800 and 1.6058 would likely be seen in a couple of days. As long as 1.5800 level holds, uptrend could be expected to resume and one more rise towards 1.6298 (Nov 4, 2010 high) is still possible and a break above 1.6058 could signal resumption of uptrend.

gbpusd