GBP/USD surrenders intraday gains, flirts with session lows near 1.3670 area. GBP/USD struggled to preserve early gains and retreated around 50 pips from tops. Concerns about the economic impact of COVID-19 held bulls from placing fresh bets. A modest pickup in the USD demand exerted some additional pressure on the major. The recent close above 1.3712 on a daily chart closing basis pushes the 1.3836 February 2016 low to the fore. Longer term the 2018 peak at 1.4377 is being targeted. Currently while dips hold over 1.3520, the market is remains bid. Below 1.3520 would alleviate immediate upside pressure for losses to the 1.3350 late December low, there is scope for the 1.3251 7 month uptrend. Currently, the Elliott wave count is implying a slide to 1.3400/1.3530. EUR/USD last week sold off to and bounced off the 55-day ma at 1.2086. It is possible that this was an ‘a -b-c’ correction lower that has completed and we will have to neutralise, as it is possible that the markets next move will be on the topside. The Dollar Index was down 0.1% at 90.085, having fallen 0.7% in the last week. USD/JPY was down 0.1% at 103.71, while the risk-sensitive AUD/USD was up 0.3% at 0.7738.