GBPUSD runs in a falling price channel on daily chart and remains in downtrend from 1.6875. As long as the channel resistance holds, we’d expect downtrend to continue and further decline towards 1.5900-1.6000 area is possible.
For long term analysis, GBPUSD has formed a cycle bottom at 1.5708 level on weekly chart. Sideways consolidation in range between 1.5708 and 1.7042 is expected in next several weeks and another fall towards 1.4800 is possible.
