GBPUSD (1.3097): GBPUSD was seen extending the declines as price action fell to the initial support level of 1.3033. However, the interaction with this support level was brief as price pulled away from the support. On the 4-hour chart we can expect the declines to continue towards the support level at 1.2900. In the near term there is potential for GBPUSD to test the resistance level at 1.3161. A reversal at this level could see renewed declines in the cable. However, if GBPUSD manages to close above 1.3161, then price action could be seen rising to the next resistance level of 1.3360.
