GBP/USD to suffer additional losses on a fall below 1.3560 support

GBP/USD has encountered near-term resistance at 1.3600 early Thursday. Souring market mood could drag cable below 1.3560, FXStreet’s Eren Sengezer reports.

Break above 1.3600 to target 1.3645

“A further escalation of geopolitical tensions could weigh on GBP/USD while a positive shift in risk sentiment could open the door for additional gains.”

“If GBP/USD manages to climb above 1.3600 (psychological level, static level) and starts using that level as support, 1.3620 (static level) and 1.3645 (February 10 high) could be targeted.”

“In case a four-hour candle closes below key support at 1.3560 (200-period SMA, Fibonacci 23.6% retracement of the latest uptrend), an extended decline toward 1.3520 (Fibonacci 38.2% retracement, 100-period SMA) and 1.3500 (psychological level) could be witnessed.”