GBPUSD (1.2771): The British pound continues to consolidate around the support area of 1.2747 region. However, price action is starting to squeeze out from the falling trend line which also forms a descending triangle pattern. A break down below this support level could indicate further declines in the GBPUSD. To the upside, a clear break of the falling trend line to the upside is needed for the GBPUSD to post any gains. The upside target of 1.3086 remains the prime target.
