GBPUSD’s fall from 1.6164 extended to as low as 1.5691. Further fall is still possible next week, and next target would be at 1.5500 area. However, the fall is treated as correction of uptrend from 1.5272, one more rise towards 1.6745 previous high could be seen after correction.
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.
