GBPUSD broke below 1.9337 (Jan 22 low) long term support and dropped sharply to as low as 1.9146 level. Further fall to 1.8600 level is still possible in a couple of weeks. Initial resistance is located at 1.9400, as long as the level holds, down trend will continue.
For long term analysis, GBPUSD broke below 1.9647 key support and formed a cycle top at 2.0158 on weekly chart. The fall from 2.0158 is now treated as resumption of long term down trend. Further fall towards 1.8500 is in favor.
