GBPUSD’s rebound from 1.5236 extended to as high as 1.5739. Further rise would likely be seen in a couple of weeks, and the target would be at 1.6000 area. Initial support is at 1.5590, as long as this level holds, uptrend will continue.
For long term analysis, GBPUSD is in downtrend from 1.6745 (Apr 28, 2011 high), further fall towards 1.4500 could be seen over the next several months.
