GBPUSD is in uptrend from 1.5272, the price action from 1.6164 is treated as consolidation of uptrend. As long as 1.5800 support holds, uptrend could be expected to resume, and another rise towards 1.6500 is still possible. On the downside, a breakdown below 1.5800 support will indicate that the uptrend from 1.5272 had completed at 1.6164 already, then the following downward move could bring price back to 1.5600 zone.
For long term analysis, GBPUSD had formed a cycle bottom at 1.5272 on weekly chart. Further rise towards 1.7000 would likely be seen over the next several weeks.
