GBPUSD (1.3144): The GBPUSD currency pair managed to recover off the opening lows on Monday. Price action rebound to fill the gap rather quickly before consolidating. We expect that the cable could move lower if the temporary support at 1.3132 fails to hold the current declines. The downside momentum could push the GBPUSD lower toward the familiar support of 1.3054 – 1.3028 region. As long as the support here holds, we maintain the upside bias. A close below the support could send the GBPUSD down to 1.2808.
