Will traffic be blocked or processed further if "Global" context is set to Reject

Although firewall rules in the global context are processed first, the global default action (drop/reject) is only applied last after all rules in all other contexts have been evaluated. In other words, if no rule in any context has matched this incoming connection, the global default action is taken. (Note that management port traffic is not handled by the global default.)

See the Policies and Implementations Guide for further details.