The GBP/USD pair failed to sustain above 5-DMA at 1.4475 levels in Asia as traders fear the benchmark 10-yr US-UK yield spread would tilt further in favor of the US dollar. Offered at confluence of MAs The spot was offered at 1.4485 (hourly 50 + hourly 200-MA) in the early Asian session. Sterling traders are cautious that risk-off in Europe today could push the 10-yr UK gilt yield to fresh record lows. Meanwhile, the US treasury yield is still atleast 10-15 basis points away from its record low of 1.53% set in July 2012. Consequently, the yield spread may tilt further in favor of the USD. The data calendar in the UK is empty. Across the pond, the US retail sales number is due for release later today. GBP/USD Technical Levels The immediate resistance is seen at 1.4485 (hourly 50-MA + hourly 200-MA), above which the spot could target 1.4578 (Feb 10 high). On the other hand, a breakdown of the immediate support of 1.4443 (38.2% of 1.4079-1.4668) could see the spot drop to 1.44 levels. For more information, read our latest forex news.