GBPUSD has formed a cycle top at 1.6617 on daily chart. Now the fall from 1.6617 would possibly be resumption of downtrend, deeper decline could be expected in a couple of weeks, and target would be at 1.6000 area.
For long term analysis, GBPUSD is in consolidation of uptrend from 1.4230 (2010 low). Range trading between 1.5781 and 1.6745 is expected in next several weeks.
