GBPUSD is facing the resistance of the downward trend line on daily chart, a clear break above the trend line resistance will indicate that the downtrend from 1.6339 had completed at 1.4831 already, then the following upward movement could bring price to 1.7000 zone. However, as long as the trend line resistance holds, the price action from 1.4831 could be treated as consolidation of the downtrend from 1.6339, one more fall to 1.4500 area to complete the downward movement is still possible
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.
