GBPUSD’s bounce from 1.5296 extended to as high as 1.5842. Further rise to test 1.5997 previous high resistance is possible next week, a break above this level will signal resumption of uptrend from 1.4230, then another rise towards 1.8000 area could be seen. Support is at 1.5500, only break below this level could trigger another fall to 1.5000 area.
For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several months.
