GBP/USD has been held back by concerns about a hedge fund consolidation but Britain’s reopening and the unblocking of the Suez Canal are set to support cable. As FXStreet’s Analyst Yohay Elam notes, bulls eye 1.39 as upside target. See: GBP/USD to slump to the 1.3670 mark as Brexit reality looms – OCBC Key quotes “Thirty million Brits have received at least one vaccine dose – and that serves as a shot in the arm to sterling. The nation now allows larger gatherings and other activities that were prohibited until now, moving cautiously while cases continue falling.” “Good news comes from Egypt, where authorities are refloating the previously stranded Ever Given mega-ship, and allowing global trade to gradually return to normal. While the six-day blockade has hit the movement of some 450 vessels, the traffic jam has likely caused only limited damage.” “Fears come from the rapid liquidation of Archegos Capital, a hedge fund that took leveraged loans and its collapse is now hitting the balance sheets of several banks. While the dust is about to settle around that firm, some worry that there are additional such distressed companies.” “After surpassing the 50 Simple Moving Average, some resistance is at 1.3850, where the 100 SMA awaits it. Critical resistance is at 1.39, which is where the 200 SMA converges with a support line from mid-March.” “Some support awaits at 1.3810, which provided support last week, followed by 1.3775, a cushion from early March.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ripple Price Forecast: XRP deals with lockstep trading amid weakening on-chain metrics FX Street 1 year GBP/USD has been held back by concerns about a hedge fund consolidation but Britain's reopening and the unblocking of the Suez Canal are set to support cable. As FXStreet's Analyst Yohay Elam notes, bulls eye 1.39 as upside target. See: GBP/USD to slump to the 1.3670 mark as Brexit reality looms - OCBC Key quotes "Thirty million Brits have received at least one vaccine dose - and that serves as a shot in the arm to sterling. The nation now allows larger gatherings and other activities that were prohibited until now, moving cautiously while cases continue falling." "Good news… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.