GBP/USD slides farther below 1.41 handle

   •  Surging US bond yields revive USD demand and prompt some selling.
   •  Possibilities of some stops being triggered below 1.41 handle.
   •  Traders eye US economic data for short-term opportunities.

The GBP/USD pair finally broke down of its Asian session consolidation phase and has now dropped to fresh session lows, around 1.4060-65 band.

The pair extended last week's retracement slide from closer to mid-1.4300s, fresh post-Brexit highs, and was now being weighed down by a goodish pickup in the US Dollar demand. 

A strong follow-through upsurge in the US Treasury bond yields provided some immediate respite for the USD bulls and helped gain some positive traction after six consecutive weeks of steep declines to over 3-year lows. 

Meanwhile, possibilities of some short-term trading stops being triggered below the 1.4100 handle might have also collaborated to the pair's retracement over 30-40 pips since the early European trading session.

Next on tap would be the release of Fed's preferred inflation gauge - Core PCE Price Index, which along with personal income/spending data would be looked upon for some impetus on the first day of a week packed with important macroeconomic releases. 

Technical levels to watch

Immediate support is now pegged near 1.4035 horizontal level, below which the pair is likely to accelerate the slide further towards testing the key 1.40 psychological mark.

On the upside, the 1.4100 handle now seems to act as an immediate resistance, which if cleared might lift the pair back towards the 1.4145-50 supply zone.