• Cable tracks the seasonal playbook, up over 2% MTD - April often best month

• Rally largely stemming from bid in equities, 2-week ceasefire deal was the catalyst

• Spot stalling at 1.36, possible topside exhaustion but dips look well-supported for now

• While USD bias should stay offered as equities hold constructive tone

• However, geo headlines remain a risk, any flare-ups will spark a USD rebound

• Seasonal tailwind in play, but watch for an earlier-than-usual GBP peak this time

• UK local elections offer a layer of risk as month-end draws near
GBP seasonals


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