GBPUSD broke above 1.6663 key resistance, suggesting that the fall from 1.7042 has completed at 1.6113 level already. Range trading between 1.6113 and 1.7042 is expected in a couple of weeks. Key resistance is now located at 1.7042, above this level will indicate that the uptrend from 1.3503 has resumed, then the next target would be at 1.7500 zone.
For long term analysis, GBPUSD might be forming a cycle top at 1.7042 level on weekly chart. Key support is located at 1.6113, a break down below this level will confirm the cycle top.
