• GBP/USD -0.5%, back below its 200-DMA to test support at 1.25

• With EUR/GBP trading flat, this would imply a USD led move

• Hawkish Fed risk clearly a concern with both USD, yields higher

• Meanwhile, U.S. Q1 ECI data elevates the Fed risk nL1N3H31JG

• Worth noting that month-end flows were touted to be dollar positive

• Break of 1.25 opens door to further support at 1.2450-55

• COMMENT-Sterling upside likely to struggle in lead up to Fed nL1N3H32LI

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