GBPUSD (1.4038): The British pound closed onFriday with strong declines, touching below the 161.8% measured move target of the bearish flag pattern formed on the 4-hour chart. The reversal which came just a few pips shy of the 1.40 round number support saw prices briefly retesting 1.4044 level. A follow through from here could signal a touchdown to the 1.40 handle. Only a close above 1.4044 will shift the bias to the upside, with the resistance at 1.4115.
