The British pound has extended losses against the greenback in early Tuesday trading, with price-action dropping back towards the key 1.4000 level. Overnight strength in the U.S dollar index, and an undercurrent of political uncertainty in the United Kingdom has hit the GBPUSD pair hard. Further losses below the 1.4000 level may accelerate downside pressures, as selling momentum appears to be gathering with a series of key support levels already breached.
The GBPUSD pair is likely to come under further selling pressure below the 1.4000 level. Strong intraday support is found at 1.3950 and 1.3867.
Should price-action on the GBPUSD pair move above the 1.4041 level, buyers may test toward the key 1.4082 resistance area.
