GBPUSD (1.3016): The British pound will be heading into a busy week. As expected price action rallied back to retest the resistance level at 1.3025. This near term pullback will suggest that price action could be looking to post a reversal. Friday’s gains saw GBPUSD close with an outside bar. However, on the 4-hour chart, the reversal is currently taking shape. This would suggest a near-term decline. Support at 1.2818 remains in focus for the cable. Alternately, a breakout above 1.3025 will send the currency pair back to retest the next upper resistance level at 1.3117.
