GBP/USD now back up to 1.3963 after testing lows of 1.3932

Dollar demand still the main theme in the market, but cable is back up a little after bouncing off support levels on the hourly chart.

The 61.8 retracement level at the 1.3932 held well, and as Mike pointed out here there are bids sitting at 1.3935 as well - which propped up the pair when it went lower earlier. Further bids lurk around 1.3920, so that is one to watch out for later in the day if we do come to it.

But at the moment, the pair still has further support at the 200-hour MA at 1.3948 (blue line) and it's a level buyers have been leaning on in the past hour as well.

However, a break below the 200-hour MA would see sentiment turn bearish and the next level to look for is 1.3920 levels.

Once again, there's not much data points on the day so the focus today will be on the US Treasury auction that is to come later on. And of course, the odd Brexit news every now and then.