GBPUSD is in range trading between 1.3503 and 1.4985. Deeper decline to test 1.3503 previous low is still possible next week. However, this level will more likely be held, and rebound is expected before breaking below this level. Key resistance is now located at 1.4305, above this level will indicate that a cycle bottom has been formed on daily chart and the fall from 1.4985 has completed.
For long term analysis, GBPUSD might be forming a cycle bottom at 1.3503 level on weekly chart. Key resistance is now at 1.4985, a break above this level will confirm the cycle bottom.