GBPUSD failed to test 1.5777 key support and rebounded from 1.5801, suggesting a cycle bottom is being formed on daily chart. Further rally is expected to test 1.6662 key resistance, a break above this level will confirm the cycle bottom, and then further rise could be seen to 1.7000 zone.
For long term analysis, GBPUSD is in consolidation of the long term downtrend from 2.1161 (2007 high). Rebound to 1.6500-1.7000 area to reach the next cycle top on weekly chart is expected.
