The British pound has turned sharply lower against the greenback during the European trading session, after earlier hitting 1.4214, following a dramatic rebuttal from EU officials. The GBPUSD pair has fallen back towards the 1.4130 level after European Union officials handling Brexit rejected a proposal from the United Kingdom on financial services. Moving into the U.S session, downside pressure on the pair is gathering, as overall risk-on sentiment towards the British pound is starting to wane.
The GBPUSD pair is likely to encounter a deeper sell-off below the 1.4130 level, with downside support layered at 1.4082 and 1.4024.
Should the GBPUSD pair maintain price-action above the 1.4130 level, we may see further upside towards 1.4214 and 1.4284.
