GBPUSD is in downtrend from 1.6617, the price action started from 1.5327 is treated as consolidation of downtrend. Initial resistance is at 1.5715, as long as this level hoods, we’d expect downtrend to resume in early part of next week, and another fall towards 1.5000 is possible, only break above 1.5715 could indicate that lengthier consolidation of downtrend is underway.
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.
