GBPUSD moved sideways in a range

By @ibtimes on

GBPUSD moved sideways in a range between 1.6215 and 1.6343. The price action in the range is treated as consolidation of uptrend from 1.6030. Initial support is at 1.6215, as long as this level holds, uptrend could be expected to resume, and another rise towards 1.6400 is possible. However, a breakdown below 1.6215 will indicate that a cycle top had been formed at 1.6343 level on 4-hour chart, then pullback towards the uptrend line from 1.5751 to 1.6030 could be seen.

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