Being contained by 1.9800 resistance, GBPUSD pulled back from 1.9791 level, suggesting that the pair is back to range trading between 1.9363 and 1.9852. Only break above 1.9800 level will signal resumption of up trend.. Long term key support is located at 1.9337 (Jan 22 low), below this level would indicate that consolidation from 1.9337 has completed and long term down trend has resume.
For long term analysis, the pair formed a long term cycle bottom at 1.9337 (Jan 22 low). Rebound to 2.0500 area to reach the next cycle top on weekly chart is in favor.
