GBP/USD drifting below 1.4, struggling to find buyers

• The US Dollar's advance is being met by a softening GBP, and the pair is turning sharply lower.
• Mid-tier data for Tuesday has markets left to search for Brexit headlines through the next session.

The GBP/USD is bouncing slightly in the Asia session, pushing back up into 1.3950 ahead of the European markets.

The Sterling has tumbled against the Greenback, closing lower for five consecutive trading days as the USD rebounds against the broader market, getting a lift from rising Treasury yields with the US 10-year note approaching the key 3 percent level. The GBP/USD is has fallen into March's range after the bottom on April's low gave out, and now the Sterling heads into a fairly sedate session.

Markets have remained fairly risk-on this week, as recent fears over the Middle East tensions and the US-China trade spat have washed away for now, but global trade remains the de facto risk factor for markets, and sentiment could swing if rhetoric begins to ramp up again from either side of the Pacific.

GBP/USD analysis: decline doesn't seem to find a bottom

Tuesday is a slim offering for the GBP, with Public Sector Net Borrowing at 10:00 GMT, which is expected to swing up to 900 million (in GBP terms), after a 272 million GBP decline last month. For the US side there's real estate figures, with the  Housing Price Index at 13:00 GMT, forecast to fall to 0.5 percent from 0.8 in the previous month.

GBP/USD Levels to watch

The technical picture for the GBP/USD has shifted strongly in the past week, and as FXStreet's Chief Analyst Valeria Bednarik noted, "the 4 hours chart shows that a bearish 20 SMA is crossing below the 200 EMA with a strongly vertical slope, while technical indicators consolidate within oversold levels, with no signs of changing course and favoring additional slides ahead. The 1.3910/20 region is the next static support, as the index has multiple intraday highs and lows around the level, with a break below the level favoring a steeper decline toward the 1.3800 region."

Support levels: 1.3915 1.3875 1.3830

Resistance levels: 1.3965 1.4000 1.4040