GBPUSD’s upward movement from 1.5268 extends to as high as 1.6254, and is now facing 1.6301 resistance. Consolidation of the uptrend could be expected next week, and the trading range would be between 1.6050 and 1.6301. Uptrend could be expected to continue after consolidation, and next target would be at 1.6500 area.
For long term analysis, GBPUSD formed a sideways consolidation in a range between 1.5236 (Jan 13 low) and 1.6745 (Apr 28, 2011 high). Further rise to test 1.6745 resistance would likely be seen over the next several weeks.