GBPUSD (1.2936): The British pound was seen posting gains for a second consecutive day. Price action gapped higher on yesterday’s open but briefly pulled back to test Friday’s close. Further upside is expected in the cable which could now be heading towards the resistance level of 1.3033. With the resistance level of 1.2908 being cleared, any pullback is likely to be limited at this level. A retest of support at 1.2908 will confirm the upside towards 1.3033 level. However, in the event that the support at 1.2908 fails to contain prices we could expect to see some near-term downside.
