GBPUSD formed a short term cycle top at 1.6467 level on 4-hour chart and drops sharply to as low as 1.5916 so far. The pair is now in downtrend from 1.6467, deeper decline to 1.5600 is possible in next several days. Near term resistance is at 1.6100, as long as this level holds, we’d expect downtrend to continue.
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