GBP/USD to hold the 1.3850 uptrend – Commerzbank

The GBP/USD pair maintains a bearish “reversal day” and analysts at Credit Suisse stay bearish for a test of its recent low and 55-day average at 1.3783/76.

The GBP/USD pair finally broke out of its intraday consolidative trading range and refreshed daily tops, around the 1.3930 region during the early European session.

GBP/USD has been falling in a counter-reaction to the dovish Federal Reserve decision which may offer a sterling buying opportunity as the Fed fallout may make way to a Bank of England boost, Yohay Elam, an Analyst at FXStreet, reports.

GBP/USD fizzles bounce off the day’s low while easing to 1.3915 ahead of Friday’s London open. Although fears of vaccine shortage in the UK seem to test the cable, US dollar weakness tames the bears for now. Given the lack of major data/events, risk catalysts are the key to observe.

Around 38% of Brits have received at least one vaccine dose – and only 2.6% the second dose. With supplies now slowing, the government has shifted to prioritizing second jabs for the vulnerable. Additional progress would be positive for the pound and a near-halt would cause concern. EU-UK frictions around movements of doses from one side of the Channel to the other have mostly hurt the euro. However, if concerns around AstraZeneca's vaccines snowball, the pound would suffer as well.

GBP/USD has been recovering as the US yields retreat from their highs. According to FXStreet’s Analyst Yohay Elam, sterling is set to resist dollar storm on vaccine milestone and improving technicals, with the cable setting higher highs.

Investing.com - The dollar strengthened in early European trading Tuesday, with focus turning towards testimony from Fed chief Jerome Powell and Treasury Secretary Janet Yellen and what this may mean for bond yields.

UK Preliminary Manufacturing PMI beats estimates with 57.9 in March, GBP/USD extends the bounce. the long idea is still valid till 1.42 ish...