GBPUSD breaks below the support of the rising trend line from 1.3654 to 1.4110, suggesting that a cycle top has been formed at 1.5066 level on daily chart and the rise from 1.3654 has completed. Further fall is now in favor and the next target is to test 1.4110, below this level will indicate that the consolidation from 1.3503 has terminated and the fall from 1.5066 is resumption of the long term downtrend from 2.1161 (2007 high).
For long term analysis, GBPUSD might be forming a cycle top at 1.5066 level on weekly chart. Key support is at 1.4110, a break below this level will confirm the cycle top and then deeper decline could be seen to 1.2000 zone.
