In addition to a sustained downside break of the one-month-old support line, portrayed last Friday, the weekly falling trend line also suggests a bearish bias for the GBPUSD prices ahead of the key UK annual budget announcement, up for publishing around 12:30 GMT. It should, however, be noted that British Chancellor Rishi Sunak is up for releasing the heavy government help while targeting speedy recovery from the pandemic. Hence, a cautious selling could be eyed unless the quote stays below the previous support line, now resistance, near 1.4095. For an immediate basis, 1.3970 and the 1.4000 threshold can probe the GBPUSD bulls.
Alternatively, a downward sloping trend line from February 22 around 1.3840 and a 200-bar SMA level of 1.3800 could lure the cable sellers should Sunak disappoints markets by announcing plans of tax hikes. Though, the bulls are less likely to lose hopes unless witnessing a daily close below February’s low near 1.3560.