GBPUSD remains in downtrend from 1.6875 and the fall extended further to as low as 1.5920. Deeper decline towards 1.5708 is still possible next week. Resistance is now at the falling trend line on daily chart now at 1.6160, as long as this level holds, we’d expect downtrend to continue.
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.
