GBPUSD (1.3010): The GBPUSD currency pair posted a modest rebound pushing price action to test the previous resistance level of 1.3054 – 1.3028. The rebound has resulted in price action forming a hidden bearish divergence. As long as this resistance level holds, we expect GBPUSD to push lower. The next downside target is seen at 1.2808. However, for this level to be tested, the cable will need to break down below the previously formed lows of 1.2925.
