GBPUSD may be forming a cycle top at 1.5928 on daily chart. Key support is at 1.5640, a breakdown below this level will confirm the cycle top. However, as long as 1.5640 level holds, the fall from 1.5928 is treated as consolidation of uptrend from 1.5236, and one more rise to 1.6100-1.6200 area is still possible.
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.
