GBPUSD had reached the rising trend line on 4-hour chart. However, the fall from 1.6277 is still treated as consolidation of uptrend from 1.5344 (Dec 28, 2010 low), and rebound from the trend line is still possible later today. Support is now at 1.6012, only break below this level could indicate that the rise from 1.5344 is complete, then the following downward movement could bring price to 1.5800 area.