GBPUSD broke below the uptrend line on daily chart, suggesting that lengthier consolidation of uptrend from 1.4230 is underway. Deeper decline is still possible next week and target would be at 1.5300-1.5400 area. Resistance is at 1.5715, only break above this level could indicate that the fall from 1.5997 is complete.
For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several weeks.
