GBPUSD (1.3612): The British pound continued the declines yesterday following the doji pattern that was formed the previous day. The breakout from the long term rising trend line indicates that GBPUSD is likely to push lower. The next main support level is seen at 1.3530 which could be tested in the near term. A rebound in prices cannot be ruled out as we expect to see a modest correction in the near term. Further declines cannot be ruled out if GBPUSD breaks below 1.3530 which will see the next support level at 1.3500 coming into the picture.
