GBPUSD’s down trend from 2.0158 extends further to as low as 1.8173 level. Deeper decline is still possible to 1.8000 next week. Key resistance is located at 1.8794, a break of this level level will indicate that the down trend from 2.0158 has completed, and then rebound towards 1.9400 is expected to follow.
For long term analysis, GBPUSD formed a cycle top at 2.0158 on weekly chart. Further fall towards 1.8000 to reach next cycle bottom is in favor.