GBPUSD (1.3203): The British pound posted declines yesterday as price action rallied to a fresh one-year high at 1.3328. We now expect the declines to continue further although GBPUSD could be seen posting a modest test towards 1.3236 level to establish resistance. The downside bias increases on a potential break down below 1.3160 support level. Below this level, GBPUSD comes at a risk of a strong decline towards the lower support at 1.2980 – 1.2961. Today’s BoE meeting could be the main event that will influence the cable.