GBP/USD loses bullish conviction, heads back towards 1.4050

• Sterling sifting lower after hitting top of the week's range.
• UK PMIs could choose the pair's direction heading into NFP Friday.

The GBP/USD is continuing to sink in the Asia session, touching into the 1.4060 area heading into the European markets.

The Sterling has been consistently dumping from the 1.4090 region this week, falling back into the 1.4020 area and recovering in cycles heading into the Non-Farm Payrolls risk event Friday, and although traders are watching the UK's Services PMI today at 08:30, market sentiment is being driven primarily by swings in risk sentiment on trade war fears and traders looking ahead to the NFP jobs report.

UK macro figures have middled lately, with the March Manufacturing PMI beating expectations, but the extreme decline in construction activity balanced out the action, and the tie-breaker could be the Services PMI today,  and a break higher could see a new high for April, while a breakdown could see a crash back below the 1.4000 major level.

GBP/USD Levels to consider

The Sterling has been cycling between two barriers this week, and as FXStreet's own Omkar Godbole noted earlier, "a clear break above 1.41 (psychological level) would allow a stronger rally to 1.4245 (March 26 high). A close higher would signal a revival of the bull run and open doors for 1.4345 (Jan. 26 high). On the downside, a close under 1.40 (psychological mark) could yield a deeper pullback to 1.3765 (Feb. 9 low) and 1.3712 (March 1 low)."