GBPUSD (1.2822): The British pound weakened strongly with price closing below 1.2847 support. However, the declines were limited which could mean that there is a possibility for the price to rebound to the upside. However, on the 4-hour chart, the price has broken to the downside. Therefore, a retest of the broken support at 1.2847 could turn to resistance. A reversal at this level could suggest further downside in price towards 1.2786 marking the completion of the downside move following the breakout from the range.
