Being contained by 1.5382 previous high resistance, GBPUSD pulled back from 1.5318 and traded in a narrow range between 1.5128 and 1.5318. Support is at 1.5128, a break below this level will indicate that a cycle top has been formed at 1.5318 on 4-hour chart, then deeper decline could be seen to 1.4900 area. However, above 1.5382 key resistance will indicate that the longer term downtrend from 1.6875 (Nov 16, 2009 high) has completed at 1.4784 already.

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