GBPUSD's bounce from 1.6051 extended to as high as 1.6276, however, the bounce is likely consolidation of the downtrend from 1.7190 (Jul 15 high), as long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 1.5800 area.

Only a clear break above the trend line resistance could signal completion of the downtrend.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account. 

The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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