The British pound is starting to pullback against the US dollar, as the greenback continues to build on Wednesday’s sudden recovery. Lower time frame analysis shows that the GBPUSD pair needs to hold above the 1.4010 level to keep hopes of the pair reaching 1.4200 alive. A sustained loss of the 1.4010 level could prompt an even greater decline in the GBPUSD pair towards the 1.3970 area.
The GBPUSD pair is only bullish while trading above the 1.4010 level, key resistance is found at the 1.4100 and the 1.4160 levels.
If the GBPUSD pair trades below 1.4010, sellers may test the 1.3970 and 1.3940 support levels.
