GBPUSD’s down trend remains, and the fall from 2.1161 extended to as low as 1.9673. Further fall towards 1.9300 area is still possible. Near term resistance is at the down trend line from 2.1161 to 2.0830, and as long as the trend line resistance holds, we’d expect down trend to continue.
For long term analysis, the pair formed a long term cycle top at 2.1161 on weekly chart. Further fall towards 1.8000 area is expected.
