GBPUSD’s bounce from 1.6051 extended to as high as 1.6309, 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 another fall towards 1.5800 area is still possible. Near term support is at 1.6160, a breakdown below this level will signal resumption of the downtrend.
