GBP/USD holds lower ground near 1.3830 during early Monday’s trading. In doing so, the cable steps back from the initial recovery move as the US dollar fizzle ahead of the Easter Monday holidays in Europe and the UK. Although the Tory government is looking for ways to allot the coronavirus (COVID-19) passports to the Britons for international travels and large gatherings, global markets aren’t taking it seriously amid a covid resurgence in India and China. Also challenging such a plan from UK PM Boris Johnson and company are the doubts over its success after the track-and-trace system’s debacle.

Additionally, geopolitical conditions in Northern Ireland continue to worsen as loyalist communities mark their dissent over post-Brexit trading between NI and the UK as well as local politics in the troubled region with violence. On the other hand, the US dollar index (DXY) regains 93.00 level after reversing the initial losses as traders consolidate Friday’s losses due to strong US employment data and pullback in US Treasury yields. Amid these plays, S&P 500 Futures print mild gains around the record top flashed the previous day whereas the US 10-year Treasury yield bounces back to 1.72% after Friday’s losses. A confluence of 21-day and 50-day SMAs, around 1.3850, guards immediate upside of GBP/USD prices but sellers are less likely to take entries above a short-term rising support line near 1.3750 by the press time.