GBPUSD’s downward movement from 1.6339 extends to as low as 1.5131. Further decline is still possible next week, and next target would be at 1.5000 area. Key resistance is at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.
For long term analysis, GBPUSD is in downtrend from 1.6745 (Apr 28, 2011 high). Further decline to 1.4500 area could be expected over the next several weeks.