GBPUSD’s bounce from 1.6051 extended to as high as 1.6276, however, the bounce is likely consolidation of the downtrend from 1.7190 (Jul 15 high), as long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 1.5800 area. Only a clear break above the trend line resistance could signal completion of the downtrend.
