GBPUSD cracks below 1.4000 level and seeing some profit taking

Held trend line on hourly.

The topside trend line did stall the rise (see red circle 3 and prior post). The open road was not explored.

When the price moved back below broken levels at 1.4004-11 (and then the 1.400 level), the selling intensified on the failure. Remember from the earlier post, that area was swing lows from April and June 2017.

What now?

Traders will likely look to put a lid back on the pair at the 1.4000 level. On the downside, a move below the 1.3941-44 will be the next level to get below. The lower trend line on the chart above comes in at 1.39077 and the 100 hour MA comes in at 1.38966.