GBPUSD’s fall from 1.6309 extends to as low as 1.5913. Key resistance is now at 1.6180, as long as this level holds, deeper decline is still possible and the target would be at 1.5800 area. However, a break above 1.6180 will indicate that the fall from 1.6309 has completed at 1.5913 already, then further rise to test 1.6309 previous high resistance could be seen.
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.
