Pound Sterling Price News and Forecast: GBP/USD slides below mid-1.3100s
|GBP/USD Forecast: Next bearish target aligns at 1.3120
GBP/USD has started the new week under strong bearish pressure with the greenback capitalizing on safe-haven flows. The pair was last seen testing the 1.3160 support and additional losses are likely in case this level turns into resistance.
Russian President Vladimir Putin reiterated that they remain committed to ramping up the aggression against Ukraine until their demands are met. The Ukrainian defence ministry said early Monday that Russia was targeting infrastructure to disrupt the flow of information. Additionally, a Ukrainian army official noted that Russia was accumulating resources with the intention of attacking Kyiv in the near term. Read more...
GBP/USD slides below mid-1.3100s, lowest since December 2020 amid a blowout USD rally
The GBP/USD pair continued losing ground through the mid-European session and dropped to the lowest level since December 2020, around the 1.3140 region in the last hour.
The pair added to last week's heavy losses and witnessed some follow-through selling for the third successive day on Monday amid an extension of the recent strong US dollar rally. Investors continued to dump riskier assets in the wake of a further escalation in the Russia-Ukraine conflict. This, in turn, boosted demand for traditional safe-haven assets and pushed the USD to its highest level since May 2020. Read more...
GBP/USD: Failure to hold 1.3160 to open up significant losses toward 1.30 – SocGen
GBP/USD is drifting towards the low of December at 1.3160 – removal of which would clear the way for a substantial drop to the 1.30 level, economists at Société Générale report.
“Defending 1.3160 could result in a bounce, however, daily Ichimoku cloud at 1.3460 is expected to be a hurdle.” Read more...
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