GBP/USD: technical analysis
The pair has a local downward trend on the four-hour chart. The price was forming a “Triangle” last couple of days and finally bears has broken this pattern. So, we have a new low for 2016. Despite of the market found a support at 1.4050, the price movement likely is going to reach this level once again. Afterwards, the price can go to a new upward movement towards a resistance area between the levels 1.4172 - 1.4227.
The market has a local downward trend on the one-hour chart. The flat was ended and there's a “Breakaway Gap” pattern. The pair reached a support at 1.4050 and started a correction from this level. It's likely that the pair will go a little bit higher to a resistance area between the levels 1.4124 - 1.4172. However, the price might go to a new downward movement afterwards to a support at 1.4050.