GBPUSD’d down trend remains, and the fall from 2.1161 extended to as low as 1.9481 level. Further fall towards 1.9300 area to reach the next cycle bottom on daily chart is still in favor. Near term resistance is at the down trend line from 2.1161 to 2.0830, and as long as the trend line resistance holds, we’d expect down trend to continue.
For long term analysis, the pair is in long term bearish movement. Further fall towards 1.8000 area to reach the next cycle bottom on weekly chart is expected.
