GBPUSD stayed in a trading range between 1.5801 and 1.6662 for several weeks. Breaking above the trading range is expected next week. A break above 1.6662 level will indicate that the uptrend from 1.3654 has resumed, then further rally could be seen to 1.7000-1.7500 area. Key support is now at 1.5801, below this level will indicate that the rise from 1.3654 has completed at 1.6662 level already, and then the following downtrend will take price back to 1.5000 zone.
For long term analysis, GBPUSD is in consolidation of the long term downtrend from 2.1161 (2007 high). Rebound to 1.7000-1.7500 area to reach the next cycle top on weekly chart is expected.
