GBPUSD breaks below 1.6786 support and down trend resumes. Deeper decline could be seen to 1.6000 zone in next several days. Initial resistance is located at 1.7630, as long as this level holds, we’d expect down trend to continue.
For long term analysis, GBPUSD remains in long term bearish movement. Deeper decline to 1.6000 zone to reach the next cycle bottom on weekly chart is expected.
