GBPUSD’s fall from 1.5997 extended to as low as 1.5296. Key resistance remains at 1.5597, as long as this level holds, downtrend is expected to continue and next target would be at 1.5200 area. However, above 1.5597 will indicate that a cycle bottom has been formed on daily chart and the fall from 1.5997 has completed, then further rally could be seen to 1.5700-1.5800 area.
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.
