GBP/USD eyes below 1.3000 on Russia-Ukraine war escalation amid China’s aid to Moscow
The GBP/USD pair has been dumped heavily by the market participants on intensifying fears of China’s bailout to Russia. The US has told its allies that Russia has requested military assistance from China in the ongoing Russian invasion of Ukraine. Moreover, the latter has displayed its willingness to support the former in the future. The US has also stated that the dragon economy might be providing military assistance to Russia already.
GBP/USD Forecast: Will 1.3000 support continue to hold?
After having started the week with a small bullish gap, GBP/USD has lost its traction and touched its weakest level since November 2020 at 1.3008 during the Asian trading hours on Monday. The pair is trading near Friday's closing level of 1.3030 in the early European session as investors remain hopeful for a de-escalation of the Russia-Ukraine conflict.
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