GBPUSD tumbles towards 1.3300 ahead of Putin’s nuclear deterrent on Ukraine
Following Thursday's action, static support seems to have formed at 1.3360. In case buyers give up on this level, the pair could extend its slide toward 1.3300 and 1.3280 . Meanwhile, the near-term bearish bias is confirmed by the Relative Strength Index indicator on the four-hour chart, which remains well below 50.
On the upside, the pair could extend its recovery if it manages to rise above 1.3420 and start using it as support. In that case, 1.3500 aligns as the next bullish target.GBP/USD has started to edge higher after slumping to its lowest level of 2022 below 1.3300 on Thursday but has struggled to preserve its recovery momentum in the early European session on Friday.
The latest headlines suggest that Russia is preparing to make a move toward Kyiv. A Russian attempt to overthrow the Ukrainian government could further weigh on sentiment and cause GBP/USD to stay on the back foot. Meanwhile, Russia announced that it banned UK-registered airplanes from landing or crossing its airspace in retaliation to the UK sanctions, pointing to further escalation of geopolitical tensions.
So far, however, experts think that sanctions against Russia are unlikely to have a significant impact on global inflation or economic activity as they don't target the Russian energy sector or the global payment system SWIFT. It is difficult to say, however, whether or not the west will ramp up sanctions.
In short, a significant positive shift risk sentiment is unlikely to be witnessed in the short-term and GBP/USD recovery attempts should remain as technical corrections.Interested in weekly GBPUSD forecasts? Our experts make weekly updates forecasting the next possible moves of the pound-dollar pair. Here you can find the most recent forecast by our market experts:GBP/USD bulls give into bearish pressures amid Russia-Ukraine war. 1.3500/1.
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