Strong bullish momentum brought GBPUSD to highs of 1.41600 in the recent week. However, the pair now currently appears to be entering a retracement phase. After the first rejection at 1.40100, the pair may continue to retry finding support before continuing its bullish trend.
Should the pair break below the 1.40100 key support level, sellers may look to further test the subsequent support levels found at 1.39700 and 1.39400. However, should the price rebound, the pair may continue a bullish trend.