Pound Inches Higher on Good Friday as Markets Remain Closed

The  pound today inched higher against the  US dollar as  most global equity markets remained closed due to  the  Good Friday holiday celebrations. The  GBP/USD currency pair posted gains as  investors celebrated the  fact that Boris Johnson, the  UK Prime Minister, was out of  the  intensive care unit.
The  GBP/USD currency pair today rallied from a  low of  1.2444 in  the  Asian session to  a  high of  1.2486 in  the  mid-London session and  was near these highs at  the  time of  writing.
The  currency pair attempted to  break above the  4-week highs hit yesterday but could not make a  clean break given the  low liquidity conditions in  the  markets. The  cable rallied for  the  fourth consecutive session despite the  rising coronavirus cases and  deaths in  the  UK. Today’s unofficial death toll of  953 is the  highest daily total yet from the  COVID-19 pandemic, and  experts say that this number is likely to  keep rising for  the  next two weeks.
The  pair’s gains were limited by  concerns that the  UK would not complete trade talks with the  EU by  December as  was earlier expected, which could cost the  country £26 billion in  payments to  the  EU.
The  release of  disappointing US consumer price index report for  March by  the  Bureau of  Labor Statistics also boosted the  pair. The  headline CPI print came in  at  -0.4% missing expectations by  0.1%, while the  core inflation print was -0.1% versus the  expected 0.1% print.
The  cable’s performance over the  upcoming weekend is likely to  be affected by  geopolitical events.
The  GBP/USD currency pair was trading at  1.2479 as  at  16:28 GMT having rallied from a  low of  1.2444. The  GBP/JPY currency pair was trading at  135.26, having risen from a  low of  135.00.

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