GBPUSD breaks above 1.9957 previous high and reached as high as 1.9971. Further rise to 2.0050 area to reach the next cycle top on daily chart is still possible, and the next cycle top is nearing. Key support is now at 1.9760, break and close below this level will signal the resumption of the down trend, and indicate that the consolidation to the long term down trend from 1.9337 has completed.
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.
