(adds link in 1st bullet)

• Cable fell to 1.31635 in Asia, its lowest level since March 31, on further USD buying

• 1.31635 is 3.5 pips shy of March 31 base (lowest level since November 2025)

• GBP/USD was on 1.34 handle before dollar jumped on Warsh-led Fed's hawkish hold

• 1.3193 was Thursday low, after BoE's relatively dovish hold (1.3225 was pre-BoE low)

• Burnham wins UK by-election with 54.8% of vote; sets up bid to oust PM Starmer

• UK May budget deficit much bigger than expected; retail sales up 1.2% vs 0.5% f/c

GBPUSD


(Robert Howard is a Reuters market analyst. The views expressed are his own)