After touching 1.6301 resistance, GBPUSD pulled back from 1.6309, suggesting that consolidation of the uptrend from 1.5393 is underway. Range trading between 1.6100 and 1.6309 would likely be seen in a couple of weeks. Support is at 1.6100, as long as this level holds, we’d expect uptrend to resume, and another rise towards 1.6500 is possible, and a break above 1.6309 could signal resumption of the uptrend.
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.
