GBPUSD stays below the down trend line on daily chart. As long as the trend line resistance holds, we’d expect downtrend to continue, and target would be at 1.4000 zone or even lower. Initial resistance is at 1.5500 and key resistance is at 1.6671, a break above 1.6671 level will indicate that the fall from 1.8668 has completed.
For long term analysis, GBPUSD remains in long term bearish movement. Deeper decline to 1.4000 zone to reach the next cycle bottom on weekly chart is expected.
