GBPUSD bounced strongly from 1.6059, suggesting that a cycle bottom had been formed on daily chart. Further rise towards 1.6745 previous high could be seen next week, a break above this level will indicate that the long term uptrend from 1.4230 has resumed, then next target would be at 1.7000.
For long term analysis, GBPUSD is in uptrend from 1.4230, further rise to 1.7000-1.7500 area to reach next cycle top on weekly chart is possible. Key support is at 1.5900, only break below this level could indicate that the rise from 1.4230 is complete.
