The GBP/USD pair witnessed some selling heading into the North American session and refreshed daily lows, around the 1.4135 region in the last hour. Having struggled to find acceptance above the 1.4200 mark, the pair witnessed a dramatic intraday turnaround and has now retreated around 75 pips from daily swing highs. The pullback lacked any obvious fundamental catalyst and could be solely attributed to some cross-driven weakness from a strong move up in the EUR/GBP cross.
Bulls seemed rather unaffected by the prevalent selling bias surrounding the US dollar. Investors now seem convinced with the Fed's stubbornly dovish view that any spike in inflation would be transitory and have been scaling back their bets for an earlier than anticipated lift-off. This, in turn, continued acting as a headwind for the USD. This, along with the upbeat outlook for the UK economic recovery from the pandemic, supports prospects for the emergence of some dip-buying at lower levels. Hence, it will be prudent to wait for some strong follow-through selling below the 1.4100 mark before confirming that the GBP/USD pair has topped out and positioning for any further depreciating move. 
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The GBP/USD pair witnessed some selling heading into the North American session and refreshed daily lows, around the 1.4135 region in the last hour. Having struggled to find acceptance above the 1.4200 mark, the pair witnessed a dramatic intraday turnaround and has now retreated around 75 pips from daily swing highs. The pullback lacked any obvious fundamental catalyst and could be solely attributed to some cross-driven weakness from a strong move up in the EUR/GBP cross.
Bulls seemed rather unaffected by the prevalent selling bias surrounding the US dollar. Investors now seem convinced with the Fed's stubbornly dovish view that any spike in inflation would be transitory and have been scaling back their bets for an earlier than anticipated lift-off. This, in turn, continued acting as a headwind for the USD. This, along with the upbeat outlook for the UK economic recovery from the pandemic, supports prospects for the emergence of some dip-buying at lower levels. Hence, it will be prudent to wait for some strong follow-through selling below the 1.4100 mark before confirming that the GBP/USD pair has topped out and positioning for any further depreciating move.