Being contained by 1.9337 (Jan 22 low) support, GBPUSD rebounded from 1.9363 level. However, the rise from 1.9363 is treated as consolidation to the down trend. Deeper decline to 1.9200 area is expected to follow after consolidation. Initial resistance is at 1.9633 followed by 1.9785.
For long term analysis, the pair is in long term bearish movement. The rise from 1.9337 (Jan 22 low) is treated as correction to the long term down trend. Further fall towards 1.9200 area to reach the next long term cycle bottom on weekly chart is still possible.
