GBPUSD continues its sideways movement between 1.6167 and 1.6371. As long as 1.6371 resistance holds, the price action from 1.6167 is treated as consolidation of downtrend from 1.6721, and another fall towards 1.6000 is expected after consolidation. However, above 1.6371 will indicate that a short term cycle bottom has been formed at 1.6167 level on 4-hour chart, and the fall from 1.6721 has completed, then further rally could be seen to 1.6500 area.


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