GBPUSD continues its upward movement from 1.5827, and the rise extends to as high as 1.6177. Further rise could be expected and next target would be at 1.6300 area. Support levels are at 1.6070 and 1.6000, as long as these levels hold, the uptrend from 1.5827 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 towards 1.6745 would likely be seen over the next several weeks.
