GBPUSD is in consolidation of downtrend from 1.7042 (Aug 5, 2009 high). Further rise towards the upper boundary of the falling price channel is expected next week and pullback would more likely be seen after touching the upper boundary. Support is at 1.5190 followed by 1.5125, as long as these levels hold, bounce from 1.4784 could be expected to continue.
For long term analysis, GBPUSD is in bearish movement from 1.7042. Fall to 1.4500 area is expected in next several weeks.