GBPUSD stays below a downward trend line on daily chart, and remains in downtrend from 1.6309, the bounce from 1.5827 would possibly be consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.5500 is still possible. On the upside, a clear break above the trend line resistance will indicate that the downtrend from 1.6309 has completed at 1.5827 already, then the following upward movement could bring price to test 1.6309 resistance.
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.
