GBPUSD (1.2995): The GBPUSD currency pair weakened on the back of a dismal construction PMI report. With price action clearing the support level at 1.3054 – 1.3028, the cable is expected to continue the decline. In the near term, we expect the GBPUSD to test the breached support area for resistance. As long as this support holds, the GBPUSD could be seen pushing lower. The next downside target is seen coming in at 1.2808. To the upside, the bias shifts if the currency pair manages to break out strongly above 1.3054 – 1.3028.
