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GBPUSD has formed a short term cycle top at 1.4779 level on 4-hour chart. Further fall to test 1.4394 support is possible later today, a break below this level will signal deeper decline to 1.4350 level. However, the next cycle bottom is nearing, rebound would more likely be seen before breaking below 1.4350 level. Initial resistance is at the falling trend line on 4-hour chart, a clear break above the trend line resistance will indicate that a cycle bottom has been form, and the medium term uptrend from 1.3654 has resumed.
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