GBPUSD’s downward movement from 1.6164 extended to as low as 1.5423. Further fall to test 1.5272 key support could be seen next week, a breakdown below this level will signal resumption of downtrend from 1.6745, then the following bearish move could bring price to 1.4500 zone. Resistance is now at 1.5600, only break above this level could indicate that the fall from 1.6164 is complete.
For long term analysis, GBPUSD had formed a cycle bottom at 1.5272 on weekly chart. Further rise towards 1.7000 would likely be seen over the next several weeks.
