GBPUSD (1.2860): The GBPUSD currency pair gapped lower on Monday and briefly consolidated near the 1.2928 level of support. However, price action broke below this level and the minor trend line in the process as well. The declines are expected to push the cable down to the 1.2808 level of support. A rebound off this level is likely in the short term as price action could potentially reverse the losses. In the event that the GBPUSD closes below 1.2808 support, further losses could be expected.
