GBPUSD remains in downtrend from 1.6745, the rise from 1.5912 is treated as consolidation of downtrend. Further decline could be expected after consolidation, and a breakdown below 1.5912 could signal resumption of downtrend. Resistance levels are at 1.6140 and 1.6230.
For long term analysis, GBPUSD had formed a cycle top at 1.6745 on weekly chart. Further fall towards 1.4500 is expected in next several weeks.
