GBPUSD (1.2985): The British pound closed on a bearish note below 1.3025 level of support yesterday. This would suggest further downside in the cable. In the near term, we can expect to see price action consolidate near the resistance level at 1.3025 which could be tested. The next main support for GBPUSD comes in at 1.2818 – 1.2800. This would mark a strong decline in the currency pair. So far, price action in GBPUSD has been falling in a step fashion. Resistance levels are seen at 1.3025 and 1.3177.
