GBPUSD (1.3790): The British pound managed to post some modest gains on Friday following the reversal on Thursday. However, the downside breakout from the triangle pattern on the 4-hour chart indicates that the bias is to the downside. The currency consolidation in price suggests a bearish flag pattern that is emerging. This could indicate GBPUSD targeting the support level near 1.3611 – 1.3589 in the near term if the bearish flag pattern can be validated.
