GBPUSD’s fall from 1.5776 extends to as low as 1.5393. Further decline to test 1.5236 support is still possible after a minor consolidation. Resistance is at 1.5650, as long as this level holds, the downtrend could be expected to continue. On the upside, a break above 1.5650 will indicate that a cycle bottom has been formed at 1.5393 on daily chart, and the fall from 1.5776 has completed, then another rise towards 1.6000 could be seen.
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.
