GBPUSD (1.3006): The British pound failed to break the previous highs around 1.3034 and as a result established a double top pattern. We anticipate a modest pullback to the price action. The lower support at 1.2959 remains the most likely target to the downside. Establishing support here could potentially trigger a short-term uptrend upon a successful breakout of the double top pattern. This will establish the upside target to 1.3205. In the event that the support at 1.2959 fails to hold the declines, GBPUSD could be seen pushing lower and being exposed to the lower support at 1.2808.
