The British pound has started to recover marginally higher against the U.S dollar, after finding strong technical support from the 1.3917 level in early Tuesday trading. The GBPUSD pair currently trades around the 1.3946 level, as short-term MACD and Stochastic indicators recover from extreme oversold conditions. Sterling buyers may attempt to push price-action towards the 1.3992 level, while further losses below the 1.3917 level should encourage more pound selling.
The GBPUSD pair is bearish while trading below the 1.3992 level, further losses towards the 1.3887 and 1.3841 levels remains possible.
If the GBPUSD pair moves back above the 1.3992 resistance level, buyers may attempt to test the 1.4050 region.
