Being supported by the lower border of the falling price channel on daily chart, GBPUSD bounced from 1.4230 level. Range trading between 1.4230 and 1.4800 is expected in a couple of weeks. However, the bounce is more likely consolidation of downtrend from 1.5522, another fall to 1.4000 area is still possible after consolidation and a breakdown below 1.4230 will signal resumption of downtrend.
For long term analysis, GBPUSD is in bearish movement from 1.7042 (Aug 5, 2009 high). Fall to 1.4000 area to reach next cycle bottom on weekly chart is expected in next several weeks.