GBPUSD is in consolidation of long term downtrend from 1.7042 (Aug 5, 2009 high). Rise towards the upper boundary of the falling price channel on daily chart is still possible next week. As long as the channel resistance holds, we’d expect downtrend to resume and another fall to 1.4500 area is still possible after consolidation.
For long term analysis, GBPUSD is in bearish movement from 1.7042. Move to 1.4500 area is expected in next several weeks.