* Graphics: World exchange rates in 2020 http://tmsnrt.rs/2egbfVh
* Chart: Pound Sterling trade-weighted since Brexit vote http://tmsnrt.rs/2hwV9Hv (updates stage, prices)
LONDON, Apr 7 (Reuters) – Sterling fell Wednesday amid profit-taking by traders after a strong first quarter for the British currency led to a four-week low against the euro and a weekly low against the dollar.
The pound fell on Tuesday, shedding 0.6% against the dollar and over 1% against the euro – its worst day against the single currency in five weeks as investors pulled cash off the table.
By 14.15 GMT on Wednesday, the pound fell 0.5% against the dollar to hit 1.3756, hitting a weekly low of $ 1.3728.
Against the euro, it fell 0.7% against the euro at 86.50 pence, hitting a five-week low of 86.62 pence.
“The recent dynamics of prices in the foreign exchange market seems to suggest that there are many positives in the pound’s price by now and that the pound appears to be quite overbought (especially in the case of EUR / GBP),” said Valentin Marinov, Head of Research at G10 FX … at Credit Agricole.
“Moreover, the British pound sterling recently lost its crown of ‘G10 vaccine champion’ and, more broadly, a slowdown in UK COVID vaccinations could ultimately delay government plans to revive the economy, despite recent statements from Prime Minister Johnson. … “
Marinov added that according to the latest polls, the upcoming local elections in Scotland could give an overwhelming majority to independence supporters – the Scottish National Party, the Greens and the newly formed Alba party.
“Given all these downside risks, we maintain a cautious mid-term outlook for the pound.”
Expectations for a recovery in the UK, fueled by rapid COVID-19 vaccinations, helped the pound sterling record its best quarter since 2015 against the euro.
The UK began using the COVID-19 Moderna vaccine on Wednesday in Wales, when the number of other vaccinations fell to its lowest level this year due to a supply shortage caused by production problems at AstraZeneca.
Britain is ahead of the rest of Europe in the race to vaccinate its population, with nearly half of its citizens receiving the first dose. But supply problems from its main Oxford-AstraZeneca section have slowed progress in recent days.
Prime Minister Boris Johnson confirmed on Monday that the planned economy reopening will take place next week.
Stores, gyms, hairdressers and outdoor lounges will reopen in England. The government is also considering a COVID status certification system or vaccine passport to help resume larger events.
(Reporting by Ritwik Carvalho; editing by Larry King and Bernadette Baum)