GBPUSD (1.3038): The British pound broke out to the upside clearing the minor falling trend line and the horizontal resistance level at 1.2958. The upside bounce puts GBPUSD to the upside. We expect to see a retest of the breakout level at 1.2958. Establishing support here could trigger further gains toward 1.3205 resistance level. With price action testing the highs from August 30, we expect a correction to 1.2958. This could most likely result in a cup and handle formation. The measured target puts price action in line to test 1.3205 resistance
