GBPUSD is now facing the downward trend line on daily chart, a clear break above the trend line resistance will indicate that the downtrend from 1.6309 had completed at 1.5827 already, then further rise to test 1.6309 resistance could be seen. On the downside, as long as the trend line resistance holds, the downtrend could be expected to resume, and one more fall towards 1.5500 is still possible. Support is at 1.5925, a breakdown below this level could signal resumption of the downtrend.
For long term analysis, GBPUSD formed a sideways consolidation in a range between 1.5236 (Jan 13 low) and 1.6745 (Apr 28, 2011 high). Further rise to test 1.6745 resistance would likely be seen over the next several weeks.
