Being contained by 1.5327 support, GBPUSD rebounded from 1.5341, suggesting that a cycle bottom is being formed on 4-hour chart. Further rally would likely be seen in a couple of days, and target would be at 1.5800 zone. On the downside, another fall to re-test 1.5327 key support is still possible, a breakdown below this level could signal resumption of the longer term downtrend from 1.6617.

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