GBPUSD remains in the downward movement from 1.6309. Further decline is still possible, and the target would be at 1.5800 area. However, the fall would possibly be consolidation of the longer term uptrend from 1.5268, one more rise could be expected after consolidation, and a break above 1.6180 resistance could trigger another rise towards 1.6500.
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.
