GBPUSD broke above 1.9971 resistance and reached as high as 2.0215. Further rise to 2.0400 area is still possible next week. However, the next cycle top is nearing, key support is now at 1.9720, a breakdown of this level will confirm the cycle top and indicate that the rebound from 1.9337 has completed, and then pullback to retest 1.9337 support could be seen.
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 long term cycle bottom on weekly chart is still possible after consolidation.
