GBPUSD is in correction to the up trend. Deeper decline to 1.9500 area is still possible in a couple of days. As long as 1.9363 support holds, we’d expect up trend to resume, and a break of 1.9852 level will indicate that correction has completed and up trend has resumed. Only fall below 1.9363 level will signal resumption of long term down trend.
For long term analysis, the pair formed a long term cycle bottom at 1.9337 (Jan 22 low), the rise from 1.9363 could possibly be resumption of the long term up trend, and rebound to 2.0500 area to reach the next cycle top on weekly chart is now in favor.
