GBPUSD is forming a cycle top at 1.5534 on daily chart. Key support is located at 1.4557, a break down below this level will confirm the cycle top, and then deeper decline could be seen to 1.4000 zone. Initial resistance is at 1.5534, only rise above this level will indicate that lengthier consolidation of long term down trend is underway, and rebound towards 1.6000 zone is expected to follow.
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.
