GBP/USD has encountered near-term resistance at 1.3600 early Thursday.
Additional losses are likely if GBP/USD falls below 1.3560 support.GBP/USD has closed in the positive territory on Wednesday but lost its bullish momentum after testing 1.3600. Geopolitical headlines continue to drive the market action and the British pound faces a two-way risk amid the uncertainty surrounding the Russia-Ukraine conflict.
GBP/USD TechnicaAnalysisTh.epair continues to trade above the 200-period SMA on the four-hour chart and the Relative Strength Index (RSI) indicator is moving sideways near 60, suggesting that the near-term bullish bias stays intact.
If GBP/USD manages to climb above 1.3600 (psychological level, static level) and starts using that level as support, 1.3620 (static level) and 1.3645 (February 10 high) could be targeted.On the downside, key support seems to have formed at 1.3560 (200-period SMA, Fibonacci 23.6% retracement of the latest uptrend). In case a four-hour candle closes below that level, an extended decline toward 1.3520 (Fibonacci 38.2% retracement, 100-period SMA) and 1.3500 (psychological level) could be witnessed.
GBP/USD consolidates the rebound below 1.3600 as geopolitical tensions intensify
GBP/USD is holding steady below 1.3600, undermined by the sudden risk-off market mood. Russian media spread the news of Ukraine’s military firing grenades and mortars on four LPR locations. Resurgent US dollar demand amid a flight to safety could keep cable on the back foot.
GBP/USD News
- GBP/USD consolidates the rebound below 1.3600 as geopolitical tensions intensify.
GBP/USD is holding steady below 1.3600, undermined by the sudden risk-off market mood. Russian media spread the news of Ukraine’s military firing grenades and mortars on four LPR locations. Resurgent US dollar demand amid a flight to safety could keep cable on the back foot.
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