Technical Trading Tips and Techniques by 
Monday morning price action on GBP/USD, a daily chart of which is shown, has extended its bearishness of last week, and currently appears to be targeting key support in the 1.4000 region. This price region combines a confluence of technical factors including: prior horizontal support/resistance; a key psychological level; short-term parallel uptrend channel support; and long-term downtrend line support. Therefore, any substantial breakdown below this level should carry a significant bearish bias that could subsequently target a re-test of 1.3655 support (the last major swing low). In the event of a bounce at or above 1.4000, the last major swing high around 1.4775 should serve as strong resistance to the upside.
UPDATE: As of Monday late afternoon, price has retraced much of the bearishness from the morning. Price is currently rising towards strong resistance in the 1.4300 region after respecting the support offered by both the short-term uptrend line and the long-term downtrend line.