GBP/USD to a low of 1.3886 currently
The greenback is making strides again on the day with cable taking out the 1.3900 in a jiffy, now touching six-week lows.
The next key level to watch out for in the pair towards the downside is the 100-day MA (red line) @ 1.3871. Following which it will be a test of the 61.8 retracement level @ 1.3804 which has been a key support in stalling earlier falls this year.
Yields are not driving the dollar today as 10-year yields sit at 2.973% - a little lower in fact. But the dollar is gaining further ground in the build up towards the Q1 GDP report later. That will be the key risk event to temper with any bullish dollar expectations so keep an eye out for that.
In the meantime, watch out for the levels mentioned above with minor support levels also lined up near 1.3850.
