GBPUSD breaks above 1.9737 and reaches as high as 1.9899 level. Further rise above 1.9957 previous high to reach the next cycle top on daily chart is still possible, and the next cycle top is nearing. However, the rebound from 1.9337 is treated as consolidation to the down trend, a break of the key support at 1.9600 will signal the resumption of the down trend.
For long term analysis, the pair is in long term bearish movement. The rise from 1.9337 is treated as consolidation to the long term down trend. Further fall towards 1.8000 area to reach the next cycle bottom on weekly chart is still possible after consolidation.
