GBPUSD has formed a cycle bottom at 1.5327 on daily chart. The rise from 1.5327 is treated as consolidation of downtrend from 1.6617. Range trading between 1.5327 and 1.5800 would likely be seen next week. Downtrend could be expected to resume after consolidation, and a breakdown below 1.5327 will trigger another fall towards 1.4500.
For long term analysis, GBPUSD is in downtrend from 1.6745. Deeper decline to 1.4500-1.5000 area is expected in next several months.
