GBPUSD had formed a cycle top at 1.6130 on daily chart. Further decline would likely be seen next week, and next target would be at 1.5900 area. Resistance is now at 1.6130, only break above this level could trigger another rise towards 1.6309 previous high.
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). Deeper decline to 1.5600 area would likely be seen over the next several weeks.