GBPUSD (1.2816): The GBPUSD currency pair reached its downside target of 1.2806 which marks a correction and a retest of this support level. We expect to see some consolidation taking place at this level following which price action could attempt to post a rebound. The recovery to the upside could see the GBPUSD attempting to retest the breached support level area of 1.3054 – 1.3028. However, if the cable breaks down below 1.2806, we expect the bearish trend to continue.
