After a steady rise from the key 1.4000 level, GBPUSD reached the 200-day moving average this week but was unable to close above it. This proved to be a strong resistance area and consequently the pair reversed back down. The level at 1.4670 has also proven to be a strong resistance level, which after several tests at this level, prices failed to close above it and fell back down to now test the 1.45 area, an important support level.
In the short-term, GBPUSD maintains its bullish bias. There has not been a clear signal yet that the market has turned bearish. The recent decline in prices could be seen as a correction of the rise from 1.4000 as long as prices hold above the 38.2% Fibonacci level at 1.4477 (which is the retracement level of the upleg from 1.4000 to 1.4768 (February to April).
A move below this support at 1.4477 would shift the bias for more downside moves. However, if the pair bounces back up and rises above 1.4670 and also clears the 200-day moving average and 1.4768 high, then the recent uptrend would resume.
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