GBPUSD’s upward movement from 1.5602 extends to as high as 1.6279. Further rise is still possible next week and next target would be at 1.6450 area. Support is now at 1.6150, only break below this level could signal completion of the uptrend.
For long term analysis, GBPUSD is in correction of the downtrend from 1.6745 (Apr 28, 2011 high). Another fall towards 1.4500 could be expected after correction.