GBPUSD breaks below 1.6100 support, suggesting that a cycle top has been formed at 1.6306 on daily chart. Further decline would likely be seen next week, and next target would be at 1.5900 area. Key resistance is at 1.6309, only break above this level 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 towards 1.6745 would likely be seen over the next several weeks.
