GBPUSD (1.3899): The British pound was seen extending the declines back to the support level near 1.3902. The declines came after the previous retest to the upper trend line of the triangle pattern holding out as resistance. Price action still remains flat and a breakdown below 1.3902 will signal further declines in the near term. We expect GBPUSD to target the next support level at 1.3611 – 1.3590 region. To the upside, any gains are likely to be capped by the trend line. However, in the event that GBPUSD manages to breakout above the trend line, we expect further gains towards 1.4127.
: The British pound was seen extending the declines back to the support level near 1.3902. The declines came after the previous retest to the upper trend line of the triangle pattern holding out as resistance. Price action still remains flat and a breakdown below 1.3902 will signal further declines in the near term. We expect GBPUSD to target the next support level at 1.3611 - 1.3590 region. To the upside, any gains are likely to be capped by the trend line. However, in the event that GBPUSD manages to breakout above the trend line, we expect further gains towards 1.4127.){kind=link}