GBPUSD formed a cycle bottom at 1.3654 level on daily chart. Further rise to test 1.4985 resistance is now in favor, a break of this level will indicate that the fall from 2.0158 (July 15, 2008 high) has completed and then further rally is expected to 1.5500 zone. Key support is now at 1.3654, only fall below this level will signal deeper decline to 1.3000 area.
For long term analysis, GBPUSD might be forming a cycle bottom at 1.3503 level on weekly chart. Key resistance is now at 1.4985, a break above this level will confirm the cycle bottom.
