• Cable extends upside, nears 1.36 in holiday thinned trade

• Trump agrees to delay 50% EU tariffs until July 9

• Trump-induced uncertainty does little favours for the dollar

• Traders appear most comfortable holding dollar shorts

• Little in the way of key resistance until 1.3750 on a clear break of 1.36

• However, weekly RSI now most overbought since Jan 2018

• Does raise risk for those chasing upside in cable at current levels

• Recall, corporate month-end is on May 28, typically USD positive

• Support = 1.3434 (Sep 2024 high)
GBPUSD weekly chart

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)