GBP/USD slid on Monday, falling below the support (now turned into resistance) barrier of 1.4320 (R1). Now, the rate looks to be headed towards the 1.4240 (S1) support line. As long as Cable is trading above the short-term uptrend line taken from the low of the 29th of February, the short-term outlook remains somewhat positive. Nevertheless, taking a look at our short-term oscillators, I see signs that the negative move may continue for a while. The RSI exited its above-70 zone and slid to fall below 50, while the MACD, although positive, has topped and fallen below its trigger line. A clear move below 1.4240 (S1) and the aforementioned uptrend line is likely to confirm the case for further declines and could open the way for the 1.4130 (S2) support zone, defined by the low of the 10th of March. Zooming out to the daily chart, I see that the price structure remains lower peaks and lower troughs below the 80-day exponential moving average, which is pointing down. This keeps the overall outlook to the downside and supports my view that the recovery from around 1.3840 is just a corrective phase of the longer-term downtrend.