GBP/USD extended its losses on Tuesday, breaking below the 200-day moving average at 1.2819, a critical support level that has now turned resistance. The pair dropped to a session low of 1.2719, trading down 1.04% late in the NY session. This move has heightened bearish sentiment, with the break below 1.2819 signaling further potential for downside. Market positioning data from the IMM reveals a long bias in sterling, but recent price action suggests that many of those positions are likely being unwound as sterling bulls face increasing pressure.