GBPUSD (1.2874): The GBPUSD currency pair gapped lower on the day and price action is seen extending the declines lower. The downside target of 1.2808 remains within reach as the GBPUSD could be seen testing this level in the near term. Any rebound is likely to stall near the open gap at 1.2969 level which could be filled. The 20-period EMA on the 4-hour chart is also likely to act as dynamic resistance in this case.
