GBPUSD has formed a cycle top at 1.6339 on daily chart. Further decline could be seen over the next several days, and next target would be at 1.5900 area. Key resistance is at 1.6339, 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.
