GBPUSD (1.4074): The British pound briefly consolidated below the 1.4232 and 1.4162 levels before giving up the gains. Price action was seen closing strongly below the main support at 1.4162. We expect the bearish trend to push prices lower towards testing the support level at 1.4013 – 1.4000 level. In the near term, any reversals are likely to be a pullback to the decline. There is a possibility for GBPUSD to retrace the losses to test the price level at 1.4162. With prices at the rising trend line, we expect to see a modest rebound in the near term with the downside bias holding strong.
