forexcycle
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GBPUSD stays above a bullish support trend line on the 4-hour chart and remains in the uptrend from 1.2774, the fall from 1.3618 is likely consolidation of the uptrend. Deeper decline is still possible and next target would be at 1,3400, followed by 1.3370. As long as 1.3370 level holds, the bullish movement could be expected to resume and an upside break of 1.3618 resistance could signal resumption of the uptrend, then next target would be at 1.3950 area. Key support is located at the bullish trend line, only a clear break below the trend line support could bring price back towards 1.2774.
