GBP/USD plunges 130-pips and pressures 1.3300 blamed on geopolitical developments By christianborjon GBPUSD Majors Macroeconomics Technical Analysis
On Tuesday, the GBP/USD drops sharply 0.79% amid a risk-off market mood driven by the Eastern Europe war.GBP/USD Technical Outlook: Downward biased and could accelerate on a daily close beneath 1.3300.plummets as a risk-off market mood intensifies in the financial markets. Russia – Ukraine war headlines, intensifies in the last couple of hours.
GBP/USD’s reaction to those headlines dropped from 1.3350s to 1.3298, reaching a fresh weekly low, following February 28 gap down towards 1.3307. At press time, the GBP/USD is trading at 1.3304.On Tuesday, during the European session, the UK economic docket featured the IHS Markit/CIPS Manufacturing PMI for February, expected at 57.3, came at 58, higher than January’s. Across the pond, the US economic docket featured the first tranche of data in the week.
, ISM Non-Manufacturing, Fed’s Chair Powell, and Nonfarm payrolls may entertain GBP/USD traders amid the ongoing war between Russia-Ukraine.The GBP/USD is downward biased. Price action in the last two months. Once the GBP/USD pierced the 200-DMA at 1.3733, cable began trending down, with two successive series of lower-highs and lower lows. Sterling gains on February 28 almost reversed entirely, and if GBP/USD bears achieve a daily close below February 28 low at 1.
That said, the GBP/USD first support level would be 1.3300. Breach of the latter would expose November 26, 2021, resistance-turned-support high at 1.3275, followed by 1.3200 and December 8, 2021 low at 1.3160.
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