Pound Sterling Price News and Forecast: GBP/USD looks to settle below 1.3000

FXStreet Team FXStreet

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

Overview
Today last price	1.3011
Today Daily Change	0.0009
Today Daily Change %	0.07
Today daily open	1.3002

Trends
Daily SMA20	1.3356
Daily SMA50	1.3475
Daily SMA100	1.3445
Daily SMA200	1.3621

Levels
Previous Daily High	1.3079
Previous Daily Low	1.3001
Previous Weekly High	1.3246
Previous Weekly Low	1.3028
Previous Monthly High	1.3644
Previous Monthly Low	1.3273
Daily Fibonacci 38.2%	1.3031
Daily Fibonacci 61.8%	1.3049
Daily Pivot Point S1	1.2975
Daily Pivot Point S2	1.2949
Daily Pivot Point S3	1.2897
Daily Pivot Point R1	1.3054
Daily Pivot Point R2	1.3106
Daily Pivot Point R3	1.3132

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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