GBPUSD (1.3947): The British pound was seen giving up the gains made over the past few weeks as the major support level at 1.4000 failed to stall the declines. The breakdown below the 1.4000 support signaled further losses. Price action is seen reversing the losses just above the next main support level at 1.3902 level. The current rebound could be seen extending back to 1.4000 where it is likely for resistance to be established. The GBPUSD currency pair is expected to maintain its range within these levels for the moment.
