diff --git a/mercurial/templatekw.py b/mercurial/templatekw.py
--- a/mercurial/templatekw.py
+++ b/mercurial/templatekw.py
@@ -230,12 +230,9 @@ def showcurrentbookmark(**args):
 def showactivebookmark(**args):
     """:activetbookmark: String. The active bookmark, if it is
     associated with the changeset"""
-    import bookmarks as bookmarks # to avoid circular import issues
-    repo = args['repo']
-    if bookmarks.isactivewdirparent(repo):
-        active = repo._activebookmark
-        if active in args['ctx'].bookmarks():
-            return active
+    active = args['repo']._activebookmark
+    if active and active in args['ctx'].bookmarks():
+        return active
     return ''
 
 def showdate(repo, ctx, templ, **args):
diff --git a/tests/test-bookmarks-current.t b/tests/test-bookmarks-current.t
--- a/tests/test-bookmarks-current.t
+++ b/tests/test-bookmarks-current.t
@@ -193,3 +193,12 @@ analogous to hg book -i <active bookmark
   $ hg up -q .
   $ test -f .hg/bookmarks.current
   [1]
+
+issue 4552 -- simulate a pull moving the active bookmark
+
+  $ hg up -q X
+  $ printf "Z" > .hg/bookmarks.current
+  $ hg log -T '{activebookmark}\n' -r Z
+  Z
+  $ hg log -T '{bookmarks % "{active}\n"}' -r Z
+  Z