GBPUSD remains in downtrend from 1.6339, and the fall extends to as low as 1.5674. Further decline is still possible, and next target would be at 1.5500 area. Resistance is at 1.5900, only break above this level could indicate that a cycle bottom has been formed on daily chart, and the fall from 1.6339 is complete.
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). Another rise towards 1.6745 would likely be seen over the next several weeks.
