GBPUSD Trades Near 1.38

GBPUSD Trades Near 1.38

07 Apr 2021 02:02 PM

GBP/USD trades close to 1.38, consolidating its declines despite Britain's highly successful vaccination campaign.

The reopening of the UK economy amid the upbeat vaccination distribution program helped limit any further losses for the British pound.

 UK Prime Minister Boris Johnson announced the second phase of lockdown easing on Monday and confirmed that nonessential stores will be allowed to reopen from April 12.

On the other hand, a modest uptick in the US Treasury bond yields helped the US dollar to stall its recent pullback from four-month tops.

Market participants also seemed hesitant to place any aggressive bets ahead of today's release of the latest FOMC meeting minutes.