GBP/USD: Bearish pressure to ramp up if 1.3440 support fails

GBP/USD has extended its slide as investors continue to seek refuge. Additional losses could be witnessed if the pair falls below 1.3340, FXStreet’s Eren Sengezer reports.

Pound to suffer losses if 1.3440 support fails

“Investors will stay focused on geopolitical developments and a prolonged military conflict is likely to continue to favour the dollar over the British pound.”

“On the downside, 1.3440 (static level) aligns as key support and the pair could push lower toward 1.3400 (psychological level) and 1.3370 (the starting point of the latest uptrend) if that support fails.”

“Resistances are located at 1.3500 (psychological level), 1.3530 (Fibonacci 38.2% retracement) and 1.3560 (100-period SMA, 200-period SMA).”

See: GBP/USD to test YTD lows at 1.3358 as Ukraine conflict dampens BoE hike expectations – MUFG