GBPUSD stays in a trend line from 1.6298 to 1.5910 and remains in downtrend, the bounce from 1.5344 is treated as consolidation of downtrend. As long as the trend line resistance holds, downtrend is expected to continue and one more fall to test 1.5296 key support is still possible, a break below this level should target 1.4700 area.
For long term analysis, GBPUSD is forming a cycle top at 1.6298 level on weekly chart, key support is at 1.5296, a breakdown below this level is needed to confirm the cycle top.
