GBPUSD has formed a cycle top at 1.4985 level on daily chart. Consolidation in a range between 1.3503 and 1.4985 is expected in a couple of weeks. Long term key resistance is now at 1.4985, a break above this level will indicate that the downtrend from 2.0158 (July 15, 2008 high) has completed and further rally could be seen to 1.6000 zone.
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.