GBPUSD remains in downward movement from 1.5997 and the fall extended to as low as 1.5372. Deeper decline is still possible next week and target would be at 1.5300 area. Key resistance is at 1.5701, only break above this level will indicate that a cycle bottom has been formed at 1.5372 already, then the another rise towards 1.8000 could be seen.
For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several weeks.
