GBPUSD (1.3948): The British pound was seen declining on the day after an attempt to post a modest rebound failed just below the main price level of 1.4000. However, failure to test this level as resistance could signal a near term rebound in prices. GBPUSD has stalled near the previous lows which is also indicative of a potential correction to the upside. The currency pair could however remain range bound within 1.4000 level and 1.3900 levels in the near term. A breakout from this level is expected to set the short term direction.
