• Relief rally in GBP/USD, however, Tuesday's key day reversal is a concern

• Risk appetite remains fragile amid renewed banking jitters

• Closing break above Apr 14 high (1.2545) needed for bearish invalidation

• Seasonal patterns show that May is often the weakest month for GBP

• Support at Apr 10/17 lows (1.2345-53)

• Reminder, today is corporate month-end, typically USD positive

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