GBP/USD has declined toward 1.3500 pressured by risk aversion..Dollar is likely to preserve its strength unless the market mood improves.GBP/USD has faced renewed bearish pressure after closing the previous week in the positive territory with safe-haven flows dominating the financial markets. The pair was last seen testing 1.3500 and the bearish pressure could ramp up in case that levels turn into resistance.
1.3500 (psychological level, Fibonacci 50% retracement of the latest uptrend) aligns as critical support. If a four-hour candle closes below that level and uses it as resistance, the next bearish target is located at 1.3470 (Fibonacci 61.8% retracement) ahead of 1.3440 (static level).On the upside, 1.3520 (Fibonacci 38.2% retracement) forms the first technical resistance before the 1.3550/1.3560 area (200-period SMA, Fibonacci 23.6% retracement.GBP/USD: Bears eye 1.3500 on Brexit and Ukraine risks.GBP/USD is grinding lower towards 1.3500, as the US dollar holds the recent gains amid stabilizing Treasury yields. Brexit fears stay on the table over NI deadlock. The Russia-Ukraine geopolitical risks remain in the spotlight.
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