GBPUSD breaks below 1.5177 key support

GBPUSD breaks below 1.5177 key support and pulls back to as low as 1.4807 level. Deeper decline to reach the next short term cycle bottom is still possible later today. However, the next cycle bottom is nearing, and rebound could be seen before breaking below 1.4557 previous low. Key support is now located at 1.4557, a break down below this level will signal resumption of long term down trend, and then the next target would be at 1.4000 level.