GBPUSD (1.3368): GBPUSD is seen opening on a weaker note this morning following the downside breakout in prices below 1.3483. We expect the declines to continue towards the lower support level at 1.3236. Price action has broken to the downside following the failure of the bullish flag pattern. The correction to 1.3236 marks a retest of the previously breached resistance level. Establishing support here could keep prices range bound, but further downside cannot be ruled out. The next lower support is seen at 1.3161 which could potentially be tested as well.
