GBPUSD’s upward movement from 1.5268 extends to as high as 1.6309. Further rise is still possible after a minor consolidation, and next target would be at 1.6500 area. Support is at 1.6050, as long as this level holds, the uptrend will continue.
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.
