Being supported by the previous low at 1.4350, GBPUSD forms a sideways consolidation in a range between 1.4469 and 1.4706. Further fall is still possible after consolidation. A break down below 1.4469 will indicate that the consolidation has completed already and deeper decline could be seen to 1.4100 level. Key resistance is at 1.4706, above this level will suggest that the fall from 1.5372 has terminated, and a short term cycle bottom has been formed at 1.4469 level, and then the following uptrend will take price back to retest 1.5372 previous high resistance.
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