GBPUSD (1.2930): The GBPUSD formed an inside bar in yesterday’s session. Price action remains flat at the moment, but the upside target to 1.3033 remains likely. The decline to 1.2920 yesterday signals a level of support, and thus, the upside could prevail. GBPUSD remains consolidating within the ascending wedge pattern and could remain on track to rally towards 1.3033 where resistance is yet to be established. This level also marks the right shoulder of the head and shoulders pattern that is evolving on the daily chart. However, in the event that GBPUSD slips below the support level at 1.2908, we can expect further declines that could push the cable down to 1.2829.
