GBPUSD stays in a rising price channel on daily chart and remains in uptrend from 1.4230. Support is at 1.5124, as long as this level holds, another rise towards 1.5522 key resistance is possible, a break above this level could indicate that the downtrend from 1.7042 (2009 high) has completed at 1.4230 already, then the following uptrend could bring price to 1.8000 area.
For long term analysis, GBPUSD might be forming a cycle bottom at 1.4230 level on weekly chart. Key resistance is at 1.5522, a break above this level is needed to confirm the cycle bottom.
