GBPUSD’s upward movement from 1.5236 extended to as high as 1.5882. Further rise is still possible next week, and next target would be at 1.6000 area. Key support is at 1.5640, only break below this level could indicate that a cycle top has been formed on daily chart, then another fall towards 1.5000 could be seen.
For long term analysis, GBPUSD is in downtrend from 1.6745 (Apr 28, 2011 high), further fall towards 1.4500 could be seen over the next several months.
