GBPUSD (1.3841): The British pound stayed flat with price action confined to Friday’s range. Price was seen to be briefly consolidating near 1.3855 level where resistance is likely being formed. In the event that GBPUSD breaks above this level, we can expect price action to test 1.3978 which marks the next level of resistance. To the downside, the support seen at 1.3611 – 1.3589 will be tested in the near term. This will potentially mark the correction to the rally following which we could see renewed momentum taking shape.
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