GBPUSD is facing the resistance of the ascending trend line at around 1.2930 on its 4-hour chart. As long as the pair is below the trend line, the bounce from 1.2769 could be treated as consolidation of the downtrend from 1.3047, and another decline towards 1.2700 is still possible after the consolidation. Only a clear break above the trend line resistance will suggest that the uptrend from 1.2109 (Mar 14 low) has resumed, this could trigger another rise towards 1.3300.

gbpusd 4-hour chart

Source: http://www.forexcycle.com/short-term-forex-analysis/111722-gbpusd-daily-analysis-june-2-2017.html

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