GBP/USD Is Testing the Support at 1.4200

GBP/USD failed to break above the resistance at 1.4520, formed a doji candlestick on the daily time-frame, began falling and eventually reached the support at 1.4200. Currently the pair is still testing that support. In my opinion, should it break below that level we can expect a further move to the downside, perhaps even towards the previous low at 1.3830. On the other hand, if the pair bounces off 1.4200, there will probably be a move to the upside, towards the resistance at 1.4250 and a breakout above that will most likely lead to a further rise to 1.4600 at the very least. We should certainly be on the lookout for whatever signals appear at the 1.4200 support level.