GBPUSD’s upward movement from 1.5268 extends to as high as 1.6033. The pair is now facing the resistance of the upper line of the price channel on daily chart, consolidation could be expected over the next several days. Initial support is at 1.5850, as long as this level holds, another rise could be expected after consolidation, and the target would be at 1.6100 area.
For long term analysis, GBPUSD formed a sideways consolidation in a range between 1.5236 (Jan 13 low) and 1.6745 (Apr 28, 2011 high). Further rise to test 1.6745 resistance would likely be seen over the next several weeks.
