GBPUSD’s downward move extended to as low as 1.5938. The pair is now facing 1.5936 key support, a breakdown below this level will indicate that the long term uptrend from 1.4230 (2010 low) had completed at 1.6745 already, then deeper decline towards 1.5500 could be seen.
For long term analysis, GBPUSD is forming a cycle top at 1.6745 on weekly chart. Key support is at 1.5936, a break below this level will confirm the cycle top.
