GBPUSD continues its downward movement from 1.6339, and the fall extends to as low as 1.4986. Further decline is still possible after a minor consolidation, and next target would be at 1.4800 area. Key resistance is at the downward trend line on daily chart, as long as the trend line resistance holds, the downtrend will continue.
For long term analysis, GBPUSD is in downtrend from 1.6745 (Apr 28, 2011 high). Further decline to 1.4500 area could be expected over the next several weeks.
