FXStreet reports that economists at Westpac note that although surprisingly strong business surveys may allow for interim rebounds, the GBP/USD pair appears to be range-bound (1.36-1.40).

“The continued success in the UK's vaccination program should prevent any reversal of reopening of the economy, though the return to schools next month may prove to be a critical test of the relaxing of restrictions. However, the positive tone of surveys and reopening have so far merely supported rather than strengthened GBP.”

“GBP/USD’s failure to retest 1.40 this month reflects USD strength, underscoring a 1.36-1.40 range.”