GBPUSD moves sideways in a range between 1.5913 and 1.6178. Another fall to test 1.5913 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.6309, then deeper decline to 1.2800 area could be expected. However, as long as 1.5913 support holds, the fall from 1.6174 would possibly be correction of the uptrend from 1.5913, and another rise towards 1.6309 is still possible. Resistance is at 1.6050, a break above this level will suggest that a cycle bottom is being formed on 4-hour chart, then further rise to re-test 1.6178 resistance could be seen.
