GBPUSD (1.3156): The GBPUSD maintained strong gains on Tuesday as price action closed with a bullish engulfing pattern after bouncing off the support region of 1.3054 – 1.3028. The GBPUSD could now be seen rising toward 1.3250 resistance which was previously tested. With the GDP and other economic reports due today, a beat on the estimates could act as a catalyst. To the downside, there is a risk that the GBPUSD could once again fall back to the support level. This could potentially weaken the support and expose the GBPUSD to test the lower support at 1.2808.
