GBPUSD (1.2870): The British pound extended declines to 1.2847 yesterday. This marks a support level that was previously tested around early July. A rebound off this level could suggest a near-term retracement, potential back towards 1.3025. This would mark the formation of the short-term head and shoulders pattern. A reversal off 1.3025 could suggest further declines down to 1.2626, which marks the measured move as well as coinciding with the former support.
