GBPUSD pulls back sharply from 1.8668 and formed a cycle top on daily chart. Deeper decline is still possible to test 1.7445 previous low support. As long as this level holds, we’d expect up trend to resume and rise towards 1.9800 is still possible after correction. However, below 1.7445 will take price back to down trend and target would be at 1.6500 zone.
For long term analysis, GBPUSD broke above 1.8480 key resistance and formed a cycle bottom at 1.7445 on weekly chart. Rise towards 2.000 zone is expected in a couple of months. However, fall below 1.7445 will signal deeper decline towards 1.6500 level.
