GBP/USD declined yesterday below both the support at 1.6109 (01/10/2012 low) and the rising trendline. Resistance for a bounce is likely given by 1.6142. Other hourly resistance can be found at 1.6187. Short-term support is at 1.5960.
GBP/USD is likely moving in a long-term horizontal range. The resistances given by 1.6302 (30/04/2012 high) and by the long-term declining trendline (linking the August 2009 top with the April 2011 top) favour a corrective phase.