GBPUSD has formed a cycle bottom at 1.5484 level on daily chart. However, the bounce from 1.5484 is treated as consolidation of downtrend from 1.6298, another fall to test 1.5296 key support is still possible after consolidation. Key resistance is at 1.5950, above this level could bring price back to long term uptrend from 1.4230, then another rise to 1.6700 area is possible.
For long term analysis, GBPUSD is forming a cycle top at 1.6298 level on weekly chart, key support is at 1.5296, a breakdown below this level will confirm the cycle top.
