GBP/USD breaks above the falling price channel on 4-hour chart, suggesting lengthier consolidation of downtrend is underway. Sideways movement in a range between 1.4784 and 1.5195 is expected in a couple of days. Resistance is at 1.5195, as long as this level holds, one more fall towards 1.4500 is still possible after consolidation. However, above 1.5195 will suggest that the fall from 1.6456 (Jan 19 high) has completed at 1.4784 already, then the following uptrend could take price further to 1.5400-1.5500 area.
Franco Shao
Forex Cycle
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2.75%