GBP/USD has been held back by concerns about a hedge fund consolidation. Britain’s reopening and the unblocking of the Suez Canal are set to support cable. Bulls are eyeing the 1.39 level, which is a significant convergence level. Thirty million Brits have received at least one vaccine dose – and that serves as a shot in the arm to sterling. The success of the UK’s immunization campaign is not only encouraging for the future but also has implications for the present. The nation now allows larger gatherings and other activities that were prohibited until now, moving cautiously while cases continue falling. Tensions between the EU and the UK over exports of vaccines are not resolved, and Britain is still set to face a slowdown in supplies. Nevertheless, hospitals in London are doing far better than those in Paris, and that impacts economic activity as well. Broader markets are gripped by two other stories, one positive for the market mood and the other weighing on it. 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. A highly-leveraged trade that goes against the trader has caused a margin call – this time to a $20 billion account rather than a $1,000 retail one. The same logic applies. Worries boost the safe-haven dollar while optimism weighs on it. For cable, Britain’s reopening serves as a tiebreaker that pushes GBP/USD higher while the greenback is grinding between these two forces. GBP/USD Technical Analysis Momentum on the four-hour chart has flipped to the upside, a bullish sign, Cable is currently attacking the broken uptrend support line, trying to recapture it. 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. The next lines to watch are 1.3935 and 1.40. Some support awaits at 1.3810, which provided support last week, followed by 1.3775, a cushion from early March. The next lines to watch are 1.3760, 1.3740 and 1.3670. More GBP/USD Weekly Forecast: Sterling set to suffer from Biden going big again, upbeat US jobs data Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next EUR/JPY Price Analysis: Scope for further gains above 128.00 FX Street 10 months GBP/USD has been held back by concerns about a hedge fund consolidation. Britain's reopening and the unblocking of the Suez Canal are set to support cable. Bulls are eyeing the 1.39 level, which is a significant convergence level. Thirty million Brits have received at least one vaccine dose - and that serves as a shot in the arm to sterling. The success of the UK's immunization campaign is not only encouraging for the future but also has implications for the present. The nation now allows larger gatherings and other activities that were prohibited until now, moving cautiously while cases… Top 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.