The price movement on the GBP/USD currency pair chart earlier this week was more flat than last week’s more aggressive one.
Investors' concerns over the Russian -Ukrainian war crisis were somewhat allayed by talks that took place in Belarus yesterday. There is still no final word, negotiations will continue again today.
Thus, the market movement also rested for a while after displaying aggressive movements last week due to the war that broke out.
The US dollar’s pressure on major currencies previously also began to loosen earlier in the week leaving room for most other major currencies to slightly recover from previous losses.
Like the Euro, the Pound also managed to trade higher against the US dollar at the market opening earlier in the week yesterday.
On the GBP/USD chart, the price has risen 100 pips to the level around 1.34300 in the New York session yesterday after the price initially opened lower in the Asian session around 1.33200.
Investors are already wary of trend change signals after the price increase above the 1.34000 level also crossed the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/USD chart.
If the price increase continues today, the resistance level that is the target to test the price is 1.35000 in the SBR zone (support become resistance).
For a higher rise on the bullish trend, the price is likely to try to cross the level of 1.35700 to head to the resistance zone at 1.36500.
On the other hand if the Russian-Ukrainian war crisis heats up again, prices are expected to resume the decline as last week.
Passing the 1.33000 level will push a lower decline the price is likely to reach up to the support zone at 1.34000.
