GBPUSD stays within a downward price channel on daily chart, and remains in downtrend from 1.6164. As long as the channel resistance holds, downtrend could be expected to continue, and another fall towards 1.5272 is still possible next week. On the upside, a clear break above the upper line of the channel will indicate that the fall from 1.6164 is complete, then the following upward move could bring price to 1.6400 zone.
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.
