GBPUSD (1.3907): The British pound was seen consolidating near 1.3902 level of resistance yesterday. A breakout above this level could signal further gains to the upside with price likely to target the previous highs established near 1.4200 region. On the 4-hour chart, the reversal back to 1.3902 marks a retest of the support/resistance level and the previous breakout from the triangle pattern. We expect to see price action continuing to consolidate near this level with the potential for a decline back to 1.3611 – 1.3589 level where support is yet to be tested.
