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GBPUSD: Bearish, Declines Further

GBPUSD: The pair faces further downside pressure as it declined more on Thursday. Support lies at the 1.2950 level where a break will turn attention to the 1.2900 level. Further down, support lies at the 1.2850 level. Below here will set the stage for more weakness towards the 1.2800 level. Conversely, resistance stands at the 1.3000 levels with a turn above here allowing more strength to build up towards the 1.3150 level. Further out, resistance resides at the 1.3200 level followed by the 1.3250 level. On the whole, GBPUSD remains biased to downside.

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