GBPUSD (1.2888): The British pound was seen trading subdued with price action trading flat for nearly four days after the price fell to 1.2847. A near-term upside is quite likely, however, with GBPUSD likely to test 1.3000 resistance level. On the 4-hour chart, we can see the short-term range at 1.2908 and 1.2847. A breakout from this level is required for GBPUSD to establish the near-term direction. The bias points to the upside given that the support level at 1.2847 has held up so far. However, in the event of a break down below this level, we could expect to see further declines in the short term.
