GBPUSD (1.3079): The British pound rallied to a 10-month high yesterday before turning bearish. The daily chart shows the rising wedge pattern in play. However, support is seen at 1.3025 which needs to be breached for any downside to continue. In this case, GBPUSD could be seen posting strong declines with the next support seen only at 1.2656. On the 4-hour chart, following the strong declines, any pullback to the upside will be limited. Near-term support below 1.3025 is seen at 1.2818.
