GBPUSD is testing 1.4784 key support, a breakdown below this level will indicate that a cycle top has been formed at 1.5382 level on daily chart, then deeper decline to 1.4500 area could be seen. Key resistance is now located at 1.5382, above this level will suggest that the longer term downtrend from 1.6875 has completed at 1.4784 already.
For long term analysis, GBPUSD is in bearish movement from 1.7042. Move to 1.4500 area is expected in next several weeks.
