US Pre Market Open: New setup for GBP/USD, cancel old GBP/USD setup

The US Dollar struggles to stay resilient against its rivals to start the new week as investors assess the headlines surrounding the US trade regime. After the Supreme Court ruled against US President Trump's tariffs, Trump announced that he will hike global tariff rates to 15%. 

Gold is holding onto its bullish tone on Monday, hovering near monthly highs well above the $5,100 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

EUR/USD has lost a bit of momentum after its earlier push higher and is now attempting to reclaim the key 1.1800 barrier on Monday. In the meantime, investors remain focused on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

Financial markets start the week in a volatile manner as investors assess the latest headlines surrounding the United States' trade regime and geopolitics. In the absence of high-impact data releases, market participants will keep a close eye on fresh developments on these subjects on Monday.