GBPUSD is facing 1.5827 support, a breakdown below this level will indicate that the uptrend from 1.5268 had completed at 1.6339 already, then the following downward movement could bring price to 1.5400 area. However, as long as 1.5827 support holds, the price action from 1.6309 would possibly be consolidation of the uptrend from 1.5268, another rise towards 1.6500 is still possible after consolidation.
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.
