GBPUSD’s rise from 1.5781 extended to as high as 1.6617. Further rise to test 1.6745 resistance is still possible next week, as long as this level holds, we’d expect downtrend to resume, and pullback to 1.5900-1.6000 area would likely be seen.
For long term analysis, GBPUSD is in consolidation of uptrend from 1.4230 (2010 low). Range trading between 1.5781 and 1.6745 is expected in next several weeks.
