GBPUSD is facing 1.5776 resistance, as long as this level holds, the rise from 1.5268 could be treated as correction of the downtrend from 1.6301, another fall towards 1.5000 is still possible. However, a break above 1.5776 will indicate that the fall from 1.6301 has completed at 1.5268 already, then the following upward movement could bring price to 1.6100-1.6200 area.
For long term analysis, GBPUSD has formed a cycle top at 1.6301 on weekly chart. Further decline to 1.4500 area is expected over the next several weeks.
