GBPUSD (1.3149): The GBPUSD currency has been moving higher in a slightly parabolic pattern. This could trigger a downside breakout as the currency pair is seen consolidating into a rising wedge pattern. A downside breakout could push GBPUSD back to 1.3036 level of support. If the initial support fails, then we could expect a further decline down toward 1.2808. However, with the upside resistance target of 1.3205 yet to be reached, we expect the initial support to hold.
