GBPUSD consolidated in a narrow range between 1.4557 and 1.5249 for several days. Further fall is still in favor after consolidation, a break below 1.4557 will signal resumption of down trend. Initial resistance is located at 1.5270 followed by 1.5650. As long as 1.5650 level holds, down trend will continue.
For long term analysis, GBPUSD remains in long term bearish movement. Deeper decline to 1.4000 zone to reach the next cycle bottom on weekly chart is expected.
