Price action in the cable saw the sterling falling sharply against the dollar. The declines came after price briefly tested the 1.3200 level. The break down below the initial support at 1.2960 has pushed prices lower below the trend line. If this continues, we expect GBPUSD to slip lower to 1.2858. But with the Stochastics oscillator moving from the oversold levels, we could see some upside minor correction back to 1.2960.
