GBPUSD breaks above 1.4305 key resistance, suggesting that a cycle bottom has been formed at 1.3654 level on daily chart and the fall from 1.4985 has completed. Further rebound is expected to test 1.4985 previous high resistance, a break above this level will indicate that the fall from 2.0158 (July 15, 2008 high) has terminated. Initial support is now at 1.3654, only fall below this level will signal deeper decline to retest 1.3503 level.
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.