GBPUSD (1.3998): The British pound fell back to the 1.4000 handle yesterday and with a firm test of support at this level we expect to see some upside momentum in the near term. The decline to 1.4000 level marks the completion of the bearish flag pattern. A breakdown below this support will see prices extending the losses as GBPUSD could test the 1.3902 level of support. To the upside, if the support holds then GBPUSD is likely to retrace the gains to test the minor resistance level at 1.4115 – 1.4092 region.
