GBPUSD remains in uptrend from 1.4813 (Jul 9 low), the price action from 1.6162 is likely consolidation of the uptrend. Range trading between 1.5900 and 1.6259 would likely be seen in a couple of days. Key support is at 1.5850, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.6500 is still possible. On the downside, a breakdown below 1.5850 support will indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.
Provided by ForexCycle.com