GBPUSD (1.2943): The British pound continues with its consolidation above 1.2850. Price action gapped higher on the open today as the cable broke past the support level of 1.2908. In the near term, GBPUSD could maintain its sideways range within the resistance level of 1.3033. However, there is a potential bearish pattern forming. The rising wedge pattern could signal a downside breakout in GBPUSD as the currency pair looks to rebound to the upside. Still, the support at 1.2908 needs to be breachedin order for the downside to continue. Below the support, GBPUSD could be seen falling towards 1.2829.
