GBPUSD (1.2577): The GBPUSD extended declines on the day as price action finally broke out from the lower support area of 1.2747 – 1.2683. The cable fell to lows of 1.2511 before pulling back higher. However, the Stochastics oscillator is signaling that the decline is oversold and could potentially trigger a move to the upside. The GBPUSD could be seen retesting the breached support area to establish resistance. If the resistance fails to give way to the gain, we expect the GBPUSD to maintain the downside in price
