No changed in our view, GBPUSD is in down trend. Rebound from 1.9599 is treated as correction to the down trend. Further rise to test the price channel resistance is still possible in a couple of days. As long as 2.0193 resistance holds, we’d expect down trend to resume and deeper decline to test 1.9337 (Jan 22 low) support could be seen.
For long term analysis, the pair is in long term bearish movement. The rise from 1.9337 (Jan 22 low) is treated as correction to the long term down trend. Further fall towards 1.8000 area to reach the next long term cycle bottom on weekly chart is still possible.
