GBPUSD remains in downward trend from 1.6741 and the rebound from 1.5770 is treated as consolidation of downtrend. Range trading between 1.5770 and 1.6150 is expected in a couple of days. As long as 1.6150 resistance holds, we’d expect downtrend to resume and further fall to 1.5600 zone is still possible after consolidation. Only rise above 1.6150 will suggest that a short term cycle bottom has been formed at 1.5770 level on 4-hour chart, and the downtrend from 1.6741 has completed.

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