GBPUSD is forming a cycle top at 16062 on daily chart. Key support is at 1.5800, a breakdown below this level will confirm the cycle top, then deeper decline towards 1.5600 could be seen. Resistance is at 1.6062, only break above this level could trigger another rise towards 1.6300.
For long term analysis, GBPUSD is in consolidation of the downtrend from 1.6745 (Apr 28, 2011 high). Another fall towards 1.4500 could be expected after consolidation.
