GBPUSD is facing 1.5236 support, a breakdown below this level will indicate that the downtrend from 1.6745 (Apr 28, 2011 high) has resumed, then further decline towards 1.4500 could be seen. Resistance is at 1.5500, only break above this level could signal completion of the downtrend from 1.6301.
For long term analysis, GBPUSD has formed a cycle top at 1.6301 on weekly chart. Further decline to 1.4500 area is expected over the next several weeks.
