GBPUSD (1.3922): The British pound was seen trading soft above 1.3902. Following the doji session two days ago, price action was seen closing on a bearish note yesterday. A close below 1.3902 is required for the currency pair to post further declines. The near-term declines could stall near the 1.3905 level where support could be established. GBPUSD is yet to test the 1.4007 level which marks the nearterm target for the bullish ascending triangle formed on the 4-hour chart. However, if price closes below 1.3902, we can expect dynamic support coming in from the falling trend line.
