GBPUSD formed a cycle bottom at 1.4557 level on daily chart. Further rebound is expected to 1.6000 zone next week. However, the rise from 1.4557 is treated as correction to down trend from 2.0158 (July 15 high), as long as 1.6671 resistance holds, we’d expect downtrend to resume, and one more fall below 1.4557 is still possible.
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.
