The GBPUSD continued its bearish momentum last week , topped at the 1.6665 levels, bottomed at the 1.6475 levels , and closed below the key support 1.6582 at the 1.6485 levels.
This development turns outlook in GBPUSD from bullish to neutral for retesting main support on weekly at the 1.6382 levels , stability below the 1.6475 will build pressure on the 1.6382 levels . At this point I’d expect strong support from the 1.6382 levels to contain fall from the 1.6821 levels , and bring rally resumption above the 1.6821 levels , break of 1.6665 levels is needed to resume the bullish trend , If seen , the pair will recapture the 1.6740/1.6821 levels, above 1.6821 will extend gains towards the 1.7000 levels.
On the downside , large bearish reversal is under development ( not completed yet) , support – neckline – comes at the 1.6382 levels , sustained trading – weekly closing – below the 1.6382 levels will confirm topping at the 1.6821 levels and suggest that rise from 1.4813 levels probably is over at the 1.6821 levels, If seen , the pair will turn focus on the 1.6058/1.5883 levels , further down will aim the 1.5500 levels..
In all , the GBPUSD is likely to consolidate within 1.6382/1.6821 range before the next move.