GBPUSD broke above 1.5715 resistance, suggesting that a cycle bottom has been formed on daily chart, and the fall from 1.6617 has completed. Further rise is expected after consolidation and next target would be at 1.6100 zone. Key support is now at 1.5272, only break below this level could signal resumption of downtrend.
For long term analysis, GBPUSD is forming a cycle bottom at 1.5272 on weekly chart. Another rise towards 1.7000 would likely be seen in next several weeks.
