GBPUSD (1.2508): The GBPUSD currency pair, having cleared the support area of 1.2683 is seen extending the declines further. The rebound off the initial local low formed at 1.2556 saw prices breaking past this low to reach the declines further. The next main support in GBPUSD is seen at 1.2356. We expect the cable to continue posting declines eventually testing the next support level. To the upside, any gains are likely to be capped near 1.2556 followed by the breached support level of 1.2683 which could now turn to resistance.
