GBPUSD might be forming a cycle top at 1.4769 level on daily chart and the fall from 1.4769 could possibly be resumption of downtrend. Key support is now at 1.4230, a break below this level will confirm the cycle top, then next target would be at 1.4000 area. Resistance is at 1.4769, only rise above this level will suggest that lengthier consolidation of downtrend is underway.
For long term analysis, GBPUSD is in bearish movement from 1.7042 (Aug 5, 2009 high). Fall to 1.4000 area to reach next cycle bottom on weekly chart is expected in next several weeks.