GBPUSD’s downward movement from 1.6546 extended to as low as 1.5912. Deeper decline is still possible next week, and next target would be at 1.5700-1.5800 area. Resistance is at 1.6265, as long as this level holds, downtrend will continue.
For long term analysis, GBPUSD had formed a cycle top at 1.6745 on weekly chart. Further fall towards 1.4500 is expected in next several weeks.
