No changed in our view, GBPUSD is forming a cycle top at 1.7042 level on daily chart. Deeper decline to test 1.6339 key support is expected next week, a break of this level will confirm the cycle top and signal further fall to 1.5900-1.6000 area. Near term resistance is at 1.7042, only break above this level will suggest that the uptrend from 1.3503 has resumed, then further rally to 1.7500 zone could be seen to follow.
For long term analysis, GBPUSD is in correction of the long term downtrend from 2.1161 (2007 high). Rebound to 1.7000-1.7500 area to reach the next cycle top on weekly chart is still possible.
