GBPUSD may be forming a cycle bottom at 1.5993 on daily chart. Another rise towards 1.6500 would likely be seen over the next several weeks, and a break above 1.6200 will confirm the resumption of the uptrend from 1.5827. Support is at 1.5993, only break below this level could indicate that the pair remains in downtrend from 1.6339, then next target would be at 1.5900 area.
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.
