GBPUSD pulled back sharply and reached as low as 1.7551 level. Deeper decline to test 1.7047 (Dec 2005 low) could be seen in a couple of weeks. Initial resistance is located at 1.7980, only rise above this level will take price back to retest 1.8668 resistance.
For long term analysis, GBPUSD stays in long term bearish movement. The rebound from 1.7445 is now treated as correction to down trend. Deeper decline is expected to 1.6500 zone.
