GBPUSD broke above the falling price channel on daily chart, suggesting that a cycle bottom has been formed at 1.5829 on daily chart. Now the pair is back to range trading between 1.5708 and 1.7042. Bounce to 1.6500-1.6600 area to reach next cycle top would more likely be seen in a couple of weeks.
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.
