MARKET ANALYSIS

Upwards scenario: GBPUSD remains under the bearish pressure on the medium-term perspective. However, break of resistive measure at 1.4099 (R1) is liable to initiate retracement action towards to our next targets at 1.4160 (R2) and 1.4222 (R3) in potential.
Downwards scenario: An evidence of further descending structure evolvement could be provided with a break of our next support level at 1.4038 (S1). In such case we would suggest next intraday targets at 1.3998 (S2) and 1.3958 (S3).

Resistance levels: 1.4099, 1.4160, 1.4222

Support levels: 1.4038, 1.3998, 1.3958