GBPUSD’s bounce from 1.6059 reached 1.6546 only, the subsequent fall would possibly be resumption of downtrend from 1.6745. Deeper decline to re-test 1.5936 support would likely be seen in a couple of weeks. Key resistance is at 1.6546, only break above this level could trigger another rise towards 1.7000.
For long term analysis, GBPUSD is in uptrend from 1.4230, further rise to 1.7000-1.7500 area to reach next cycle top on weekly chart is possible. Key support is at 1.5900, only break below this level could indicate that the rise from 1.4230 is complete.
