GBPUSD’s down trend resumed and dropped sharply to as low as 1.9736 level. Further fall to retest 1.9337 previous low support is still possible. Near term resistance is now at 2.0090, as long as this resistance holds, we’d expect down trend to continue.
For long term analysis, the pair is in long term bearish movement. The rise from 1.9337 is treated as correction 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 correction.
