Sterling fell to 1.3910 but the decline stalled following the release of UK CPI data, which showed that the consumer price index rose by 0.3% MoM in March and 0.7% YoY, nearly in line with the median consensus that called for 0.3% MoM and 0.8% YoY.
The decline in the EURUSD and GBPUSD pairs is merely temporary. The 10-year UST yield narrowed to 1.56%. Market participants are watching to see if the rate reaches 1.55%. If this level does not hold, the dollar will continue to weaken and major currencies will retrace to Monday highs.