GBPUSD broke below 1.6251 key support, suggesting that a cycle top has been formed at 1.6875 level on daily chart. Another fall towards 1.5708 would more likely be seen in next several days. Resistance is at 1.6370 followed by 1.6500.
For long term analysis, GBPUSD has formed a cycle bottom at 1.5708 level on weekly chart. Sideways consolidation in range between 1.5708 and 1.7042 is expected in next several weeks and another fall towards 1.4800 is possible.