GBPUSD is forming a cycle bottom at 1.9736 on daily chart. Consolidation could be seen before breaking below 1.9736 level. Down trend will resume after consolidation, a break down of 1.9736 will signal the resumption of the down trend, and then further decline to retest 1.9337 previous low support is expected to follow.
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.
