GBPUSD continues its range trading between 1.5801 and 1.7042. The fall from 1.6741 suggests deeper decline to test 1.6113 key support, a breakdown below this level will indicate that the uptrend from 1.3503 has completed at 1.7042 already, then the following downtrend will take price to 1.5300 zone. Key resistance is at 1.7042, only rise above this level will signal resumption of uptrend from 1.3503, then further rally could be seen to 1.7500 level.
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.
