GBPUSD remains in downtrend from 1.5997 and the fall extended to as
low as 1.5326. Resistance is at 1.5597, as long as this level holds,
downward move is expected to continue and next target would be at 1.5200
area. However, a break above 1.5597 will indicate that a cycle bottom
has been formed on daily chart and the fall from 1.5997 has completed at
1.5326 already, then the following upward movement could bring price
back to 1.5700-1.5800 area.
For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000
area to reach next cycle top on weekly chart is expected in next
several weeks.
