By: Forex Cycle
GBPUSD formed a short term cycle top at 1.5352 level on 4-hour chart. Range trading between 1.4943 and 1.5352 is expected in next several days and pullback to 1.5000 zone would more likely be seen later today. As long as 1.4943 support holds, the price action from 1.5352 is treated as consolidation of the uptrend from 1.4397 and further rally is still possible to 1.5500-1.5600 area after consolidation. However, below 1.4943 will indicate that the uptrend from 1.4397 has completed at 1.5352 level already.
