As GBP softened, GBP/USD found solid support in the 1.3670-00 area. However, rebounds are likely to be limited until there is clarity on the 6th May elections. GBP recent softness, notably versus EUR, coincided with a slide in vaccinations since Easter, partly due to a reduced vaccine supply from India while alternatives are yet to be approved. However, the rollout remains above prior targets and weekly vaccinations are still around 3M per week. EUR/USD moves closer to the key 1.20 mark on Thursday. Extra gains remain on the cards if 1.20 is cleared. The dollar index dipped to its lowest since March 18 at 91.535 in the European session before recovering to be basically flat at 91.590. The dollar changed hands at 108.87 yen, after hitting a three-week low of 108.755 on Wednesday. Following the muted USD reaction to the March inflation numbers earlier in the week, it seems that the positive U.S. inflation and growth stories are now largely priced into USD.