GBPUSD (1.2723): The GBPUSD currency pair is seen now trading within the support area of 1.2747 – 1.2683 region. We expect price action to maintain the range within this level as price fails to breakout from the upside. Given that price has been consolidating, a break down from the current support area could potentially trigger further losses to the downside. A close below 1.2683 could trigger the descending triangle pattern. This puts the minimum downside target to 1.2500.
