FXStreet reports GBP/USD is hovering under 1.42. As cable is sidelined below some tough resistance, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, highlights the risk of a deeper correction lower to the uptrend at 1.3915.

“GBP/USD is sidelined as the market continues to consolidate below the recent highs and the near term risk of a deeper corrective sell-off remains.” 

“It is possible that 1.4090/80 will be retested. Failure here should refocus attention on nearby support at 1.4000/18. Below here lie the uptrends lie at 1.3915 and 1.3983.”