GBPUSD (1.3178): The British pound remains bullish as price action remains flat above 1.3150 level. The currency pair gave up some of the gains yesterday. The rally to 1.3200 marks a test of the trend line break out following establishing support at 1.2847. Further gains could be seen coming as GBPUSD could potentially be testing 1.3236 resistance level. To the downside, minor support has been formed at 1.3161. Therefore, a breakdown below this support level could signal near-term declines. The correction could potentially push the cable down to the pending support level at 1.2980.
