Being supported by 1.5236 previous low, GBPUSD rebounds from 1.5268, suggesting that a cycle bottom has been formed on daily chart. However, the bounce is treated as consolidation of the downtrend from 1.6301, another fall to retest 1.5236 support could be expected after consolidation, and a breakdown below this level will signal resumption of the downtrend from 1.6745 (Apr 28, 2011 high).
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.
