GBPUSD continues its downward movement from 1.6339, and the fall extends to as low as 1.5462. Resistance is now located at the downward trend line on daily chart, as long as the trend line resistance holds, further decline could be expected after a minor consolidation, and next target would be at 1.5300 area. On the upside, a clear break above the trend line resistance will suggest that a cycle bottom has been formed and the downtrend from 1.6339 has completed, then the following upward movement could bring price to 1.6500 zone.
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 before breaking below 1.5236 support.