GBPUSD stays in a trading range between 1.5393 and 1.5776. Lengthier consolidation in the range would likely be seen in a couple of weeks. Key resistance is at 1.5776, a break above this level will target 1.5900 area. Key support is at 1.5393, a breakdown below this level will signal resumption of the downtrend from 1.6301, then further decline towards 1.5000 could be seen.
For long term analysis, GBPUSD had formed a cycle top at 1.6301 on weekly chart. Further decline to 1.4500 area is expected over the next several weeks.
