GBPUSD (1.2845): The British pound was seen briefly slipped below the 1.2808 level but price action reversed the losses. GBPUSD was seen clearing the 1.2808 level and is likely to see some upside momentum in the near term. The consolidation however is expected to be maintained. We expect another modest decline back to the 1.2808 – 1.2806 level where support could once again be established. Following a reversal at this level, the GBPUSD will be seen aiming for 1.2940 followed by a likely retest of the resistance level at 1.3086.
