GBPUSD drops sharply to as low as 1.7782 level. Deeper decline is still possible to 1.7500 in next few days. Initial resistance is at 1.8130 followed by 1.8365. As long as 1.8365 level holds, we’d expect down trend to continue.
For long term analysis, GBPUSD formed a cycle top at 2.0158 on weekly chart. Further fall towards 1.7000 to reach next cycle bottom is still possible.
