GBPUSD’s fall from 1.6309 extends to as low as 1.5976. Deeper decline is still possible next week, and the target would be at 1.5900 area. However, the fall is treated as consolidation of the uptrend from 1.5268, another rise towards 1.6500 could be expected after consolidation. Resistance is at 1.6155, a break above this level could signal completion of the downward movement from 1.6309.
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.