Dollar and yen extend gains on the day

GBP/USD D1 20-09

GBP/USD has fallen back below 1.3700 for the first time since 27 August with the low now hitting 1.3685 as the greenback firms to start the session.

The pair is now down 0.4% on the day with the pound overtaking commodity currencies to be the laggard among the major currencies space.

There is minor support for cable from the 27 August low @ 1.3680 but I don't see that as being too critical a level. As such, the trendline support around 1.3630 is the next key downside level to watch before getting to the 20-21 August lows near 1.3600.