- As the risks in Ukraine soars, bears are active in the GBP/USD pair.
- For another night, the attacks continue without sign of a truce.
- Bulls are eying to test the 1.3500 level as the bids appear above 1.3400
In Asia, the risk appetite worsens due to explosions in Kyiv. Although the GBP/USD price is still up around 0.15 percent, it is under strong pressure for a correction gradually slowing amid risk aversion and the Ukraine crisis.
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Investors fled to safe havens after Russian troops invaded Ukraine in March 2020, when the pound fell 1.8%. It is the lowest reading since 22 December.
On the Black Sea and Azov Sea coast, Ukraine reported the crossing of columns of troops from Russia and Belarus. After attacking from the east, north, and south on Thursday, Russia is waging an all-out attack.
As soon as Vladimir Putin made his dramatic televised war declaration, the Kremlin launched its offensive. Those who intervene would face “consequences like you’ve never seen before.”
Despite countries like the US sending troops to Europe’s eastern flank for fear of sending troops to NATO allies, Ukraine’s President Volodymyr Zelenskyy has pledged to keep fighting.
Having put up a new Iron Curtain, Volodymyr Zelenskyy was responsible for keeping his country in the west.
There have been new sanctions imposed on Russia by the EU, Britain, and the US. Considering the size of Russia’s economy and its integration into world markets, they represent the most significant use of economic sanctions.
President Biden has been urged by Ukrainian officials and some US lawmakers to go even further with sanctions to punish Russia and Putin for attacking Ukraine. However, the sanctions are not likely to prevent a protracted crisis, and Russia may not feel their full impact for several weeks.
On Thursday, Britain’s Chancellor of the Exchequer, Rishi Sunak, said he spoke with Bank of England Governor Andrew Bailey to ensure financial stability following the Russian invasion.
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GBP/USD price technical analysis: Bulls emerging after a bearish run
The GBP/USD price found strong support just above the swing level of 1.3260 after falling around 350 pips last day. The pair has gained back above the 1.3400 area. The next key area for the pair is the horizontal level around 1.3490-1.3500. The volume and price spread for the rejection are very high. It indicates that the recovery momentum may break the 1.3500 level.
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Saqib Iqbal
