GBPUSD is forming a cycle top at 1.5928 on daily chart. Another fall to test 1.5640 key support would likely be seen, a breakdown below this level will confirm the cycle top, then further decline towards 1.5236 could be seen. On the upside, as long as 1.5640 support holds, the price action from 1.5928 could possibly be consolidation of the 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.
