Being contained by 1.6309 previous high resistance, GBPUSD pulls back from 1.6306. However, the fall is likely consolidation of the uptrend from 1.5827, range trading between 1.6100 and 1.6306 would likely be seen next week. Key support is at 1.6100, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.6400 is still possible, only break below 1.6100 could trigger another fall towards 1.5800.
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.
