GBPUSD (1.3564): The British pound continues to consolidate near the support level but we expect to see a bottom in the prices being formed. To the upside, the major trend line is likely to act as dynamic resistance with the potential for price action to correct toward 1.3900 level eventually. The declines are likely to be limited in the near term. However, a decline below 1.3530 level of support could potentially keep GBPUSD biased to the downside. Further declines can be expected on a break down below 1.3500 level.
