GBPUSD (1.2786): The British pound extended the declines below 1.2847 support level, and further declines could be expected in the near term. The next main support level is at 1.2628. In the near term, any retracement could be limited to the support level of 1.2847 which could be tested in order for resistance to be established. In the event that GBPUSD posts a stronger retracement, we can expect the sideways pattern to play out within the ranges of 1.2908 and 1.2847.
