GBPUSD broke above the falling price channel on 4-hour chart, suggesting that a cycle bottom had been formed at 1.5962 level. Further rise towards 1.6277 is expected later today, a break above this level will indicate that the uptrend from 1.5344 (Dec 28, 2010 low) has resumed, then next target would be at 1.6500 zone. However, as long as 1.6277 resistance holds, the bounce from 1.5962 is treated as a part of consolidation of uptrend, one more fall to 1.5800-1.5900 area is still possible.