GBPUSD (1.4023): The British pound was seen easing back on Friday as price touched the previous support level of 1.4121 to establish resistance. The reversal at this level on the daily time frame indicates a pull back. We expect price to slip back to 1.3902 in the near term. There is a chance that GBPUSD could remain range bound within the current levels. But, if price action fails to hold the declines near the support of 1.3902 watch for prices to correct towards 1.3611 – 1.3600 region where the support is likely to be tested.
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