Bulls managed to push the Pound above the bearish trend line, but the rally faltered pretty quickly, and cable has been under pressure ever since.
The important support now stands near 1.37750, where the broken trend line is located. Should the GBPUSD pair fell below that level, the short-term outlook might change to bearish again.
The next target for bears could be at March lows near 1.37.
Alternatively, if the bullish sentiment prevails, the resistance is seen at 1.39, where this week's highs are located and afterward at around the psychological level of 1.40.
If US yields continue to move higher, the greenback might remain supported over the next few days.