GBP/USD touches a low of 1.3793 on the day
The pair is now threatening a break of the 61.8 retracement level @ 1.3804 as it is breaching below the 1.3800 figure level at the moment.
If it does give way, what levels to look out for next towards the downside?
There isn't much else technically to halt the pair from heavier declines if the above support gives way to be honest. There will be a minor support near 1.3765 from the February low, but the key level that will be eyed is that of the 1 March low @ 1.3712.
At the moment, the dollar is holding steady against the other currencies in the major bloc ahead of the next key risk event - being the Q1 US GDP advanced reading. That will be due at 1230 GMT and should provide the next spark in the market depending on the reading.
In the meantime, sterling sentiment remains weak and we'll have to see if US traders will follow through on that further later in the day. Cable is already down 0.87% on the day or by more than 120 pips. Ouchie.