GBPUSD’s rebound extends further to as high as 1.6586. The pair is testing 1.6623 resistance, a break above this level will suggest that the downtrend from 1.7042 has completed at 1.6113 already. Initial support is now at the lower border of the price channel on 4-hour chart and key support is at 1.6286, below this level will indicate that a short term cycle top has been formed, then deeper decline could be seen to re-test 1.6113 previous low support.

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