Hi there kimdb. Your post got missed!
There is no need to be worried at this point, though what you decide to do about it depends where you are in menopause ie how long post-meno ie since last natural period before you started HRT and how old you are. Also the oestrogen dose. Some breakthrough bleeding is normal during the first 6 months of using continuous combined HRT if this is the first time you have been using it? You haven't said what dose you are using of both and whether you are taking the utrogestan orally and what dose (100 mg I presume?).
If you are on quite a high oestrogen dose it may be that the utrogestan dose is insufficient to keep the lining thin hence the bleeding?
If the bleeding continues, becomes heavy or prolonged or you haev pain or are worried in any way about the bleeding then do mention it to your doc. Stay alert - using the current catchphrase!
Questions is are you feeling better generally on this regime ie better on it than you were before?
Hurdity x