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GBPUSD Analysis.
Being contained by the upper border of the price channel on 4-hour chart, GBPUSD pulled back from 1.5779, suggesting that a cycle top has been formed. Deeper decline towards 1.5272 (Oct 6 low) would likely be seen in a couple of days. Key resistance is now at 1.5779, only break above this level could signal completion of the downtrend from 1.6164.
Being contained by the upper border of the price channel on 4-hour chart, GBPUSD pulled back from 1.5779, suggesting that a cycle top has been formed. Deeper decline towards 1.5272 (Oct 6 low) would likely be seen in a couple of days. Key resistance is now at 1.5779, only break above this level could signal completion of the downtrend from 1.6164.