GBPUSD (1.2871): The British pound was seen posting gains for two consecutive days. However, price action is currently seen posting a lower high on the daily chart. This could potentially indicate a near-term correction. We expect price action to potentially retrace back to the previously established lows near 1.2806 level. In the event of a close below this low, GBPUSD could trigger further declines as price action could retest the previous lows at 1.2740.
