GBPUSD (1.3048): The British pound was seen trading near the 1.3033 resistance level yesterday. Price action briefly posted a 23-day high as GBPUSD traded at 1.3059 before easing back. In the short term, price action at the resistance level of 1.3052 – 1.3033 could potentially post a reversal. This will push GBPUSD down to 1.2908 support in the short term. However, with the daily chart suggesting a potential head and shoulders pattern evolving, further downside could send GBPUSD lower towards 1.2829 support where the possible neckline support could be coming into focus. Alternately, a close above 1.3052 could see further gains coming in the currency pair.
