GBPUSD remains in uptrend from 1.5268, the fall from 1.6309 is treated as consolidation of the uptrend. Lengthier consolidation of the uptrend could be expected, and deeper decline to1.5800-1.5900 area would likely be seen next week.
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.
