Inside technicals and chart patterns by 
The GBP/USD is breaking down through the uptrend line support. This pattern has broken out mainly because — as in the case of any self-limited pattern — this triangle simply ran out of room. The break then is price moving slightly lower as it trades through what I call the “narrows” of the triangle.
This doesn’t necessarily mean the break is invalid. But it does mean that I am likely to look for nearby support and resistance that is likely to test the bears’ resolve to move the cable lower.
So far the support that has developed is sitting just below the original breakdown and is holding.
Bears should be happy that all this is still occuring below the 1.4100 level and that there is near term resistance going into the Asian session at minor psychological level of 1.4080. The next near term support is waiting at 1.4050.