GBPUSD formed a short term cycle bottom at 1.6113 level on 4-hour chart. Further rise to test the resistance of the upper border of the falling price channel is expected later today. Key resistance remains at 1.6623, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.5900 is possible before breaking above 1.6623 level. However, above 1.6623 will suggest that the downtrend from 1.7042 has completed at 1.6113 level.
