GBPUSD broke below 1.5827 support and reaches as low as 1.5745. The downward movement could be expected to continue next week, and next target would be at 1.5600 area. Resistance is at 1.5900, only break above this level will suggest that a cycle bottom has been formed on daily chart, and the fall from 1.6339 has completed, then further rise towards 1.6339 previous high could be seen.
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.
