GBP/USD falls to a low of 1.3827 as sellers keep near-term control to kick start the new week so far
The dollar is a touch higher on the day as Treasury yields move off the lows, with 10-year yields now nearing 1.61%, but the pound in particular is keeping weaker across the board in the major currencies space.
GBP/USD is pushed down to 1.3827 from around 1.3900 at the start of the day, as sellers keep the downside pressure upon defending the 200-hour moving average (blue line).
The drop now puts focus on support around 1.3800-10 next with the 5 March low @ 1.3778 a key level to watch going into the FOMC meeting tomorrow.
For now, sellers are keeping near-term control but they may be reluctant to push the agenda until there is further confirmation from the Fed.
Elsewhere, the pound is also slipping against the euro as EUR/GBP buyers seize near-term control on the day and are looking to push price higher:
Buyers had previously struggled to recapture near-term control with the 100 and 200-hour moving averages (red and blue lines respectively) keeping things in-check.
But that appears to be giving way now as buyers try go in search of a break higher, though is running into some minor resistance from the 38.2 retracement level @ 0.8618.
Adding to that is large expiries that will roll off later in the week for the pair @ 0.8600. That may yet keep price action anchored around current levels even though buyers are trying to establish more upside momentum as we get things underway today.
