FXstreet.com (Barcelona) - The GBP/USD has failed to break the 1.4040 resistance level and it has fallen around 100 pips from the 1.4046 to the 1.3950. Currently, the pair is trading below the 1.4000 level, trading around the 1.3970/80 band.

GBP/USD has been the biggest mover of the today's session, against the Dollar, the Sterling has moved from intra-day low at 1.3863 to test 1.4040, Mar 6 low, and reaching the 1.4070.

The Pound, above 1.4040 could find resistance at .4100 and above there, intra-week high at 1.4125, then 1.4235 and a seemingly strong resistance level at 1.4300 (Mar 6 high). On the downside support levels come at 1.3980, and below there 1.3920 if the pair falls below here, 1.3860 and 1.3800.

On the longer term the Pound remains trading on a bearish channel and according to the Kshitij Consultancy Service Team, the Pound should peak below 1.4300: Cable has risen during the day and is likely to see continue with the upside till the Resistance near 1.43; beyond which it is likely to come down towards 1.3350 as suggested by the curvilinear trendline on the daily candle chart. Overall bearish phase in Cable is likely to continue with bouts of surges here and there. We would want to go Short on rise towards 1.43.