The break below 1.6165 on Friday night could be quite a bearish event for GBP/USD but as it was only a marginal break, we should wait for some confirmation. The 100-day MA comes in at 1.6120 and if that level is broken then we are surely in for a deeper retrace. The GBP should get some benefit from a falling EUR/GBP.
Bears should look to sell rallies back towards 1.6350 whilst medium term bulls should try and be patient, waiting for levels near 1.5900.