GBPUSD had formed a cycle bottom at 1.6059 on daily chart. Further rise towards 1.6745 previous high could be seen next week, a break above this level will indicate that the uptrend from 1.5344 (Dec 28, 2010 low) has resumed, then next target would be at 1.7000 area.
For long term analysis, GBPUSD is in uptrend from 1.4230, further rise to 1.7000-1.7500 area to reach next cycle top on weekly chart is possible. Key support is at 1.5900, only break below this level could indicate that the rise from 1.4230 is complete.
