The British pound rallied towards the 1.42 level during the course of the week to test major resistance but has since pulled back rather drastically.
The British pound has fallen on Friday to slice through the 1.40 level. This correction has been long overdue and quite frankly is welcomed.
GBP/USD settled below the support at 1.3980 and is trying to settle below the next support level at 1.3950.