GBPUSD’s downward movement from 1.6339 extends to as low as 1.5630. Key resistance is at 1.5900, as long as this level holds, the downtrend could be expected to continue, and further decline to 1.5500 is still possible after consolidation. However, a break above 1.5900 will indicate that a cycle bottom has been formed at 1.5630 on daily chart, and the fall from 1.6339 has completed, then another rise towards 1.6500 could be seen.
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). Another rise towards 1.6745 would likely be seen over the next several weeks.