GBPUSD (1.3867): The GBPUSD currency pair reached the target of 1.3855 on Friday. Price action closed below this level posting a modest reversal. The inside bar pattern formed on Friday’s close indicates that prices could be seen retesting the break out level of 1.2855. A reversal off this level could signal further downside in GBPUSD. Support at 1.2611 – 1.3589 will be the next downside target in the currency pair. In the event that GBPUSD manages to close above 1.3855 on a daily basis, we could expect some sideways consolidation taking place. The downside bias will be invalidated only on a close above 1.3978.
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