GBPUSD rebounded from 1.6208

By @ibtimes on

GBPUSD rebounded from 1.6208, suggesting that a cycle bottom has been formed on 4-hour chart. Range trading between 1.6208 and 1.6460 is expected in a couple of days, as long as 1.6460 resistance holds, the rise from 1.6208 is treated as consolidation of downtrend from 1.6617, and one more fall towards 1.6000 is still possible after consolidation.

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