GBPUSD has formed a cycle top at 1.7042 level on daily chart. Further decline to 1.5900-1.6000 area is expected in a couple of weeks, and a break down below 1.6275 will confirm such case. Near term resistance is at 1.6663, and key resistance is located at 1.7042, only break above this level will indicate that the uptrend from 1.3503 has resumed, then further rally to 1.7500 zone could be seen to follow.
For long term analysis, GBPUSD might be forming a cycle top at 1.7042 level on weekly chart. Key support is located at 1.5801, below this level will confirm the cycle top.
