GBPUSD (1.3910): The British pound was seen testing the support level at 1.3902 earlier today. The currency pair was seen falling after a disappointing labor market data and the FOMC minutes which sent the USD higher on the day. While price action could consolidate near the support level, in the event of a breakdown below this support, the declines could push GBPUSD down towards 1.3611 – 1.3589 level of support. Price action is also forming a triangle pattern and this could suggest some near term retracement to the upside. A breakout from the triangle pattern is required to establish further trend direction
: The British pound was seen testing the support level at 1.3902 earlier today. The currency pair was seen falling after a disappointing labor market data and the FOMC minutes which sent the USD higher on the day. While price action could consolidate near the support level, in the event of a breakdown below this support, the declines could push GBPUSD down towards 1.3611 - 1.3589 level of support. Price action is also forming a triangle pattern and this could suggest some near term retracement to the upside. A breakout from the triangle pattern is required to establish further trend direction){kind=link}