GBPUSD (1.2926): The GBPUSD currency pair is seen extending the declines after a brief bounce just below the 1.3028 – 1.3054 level of resistance. There is, however, a scope for price action to test this level more firmly. A reversal off the resistance level could push GBPUSD lower. The next primary target is seen at 1.2808, a support level that is pending a retest. To the upside, if GBPUSD breaks above the resistance area, we could expect to see a shift in the bias to the upside with the resistance level at 1.3250 being tested.