GBP/USD to edge higher on a break past resistance at 1.3160

GBP/USD has started to push higher, supported by improving market mood. Buyers could continue to show interest in the pound if cable manages to rise above 1.3160, FXSTreet’s Eren Sengezer reports.

GBP/USD is likely to face stiff resistance at 1.3160

“Risk perception remains the primary market driver for now and GBP/USD could extend its recovery, at least until headlines surrounding the Russia-Ukraine crisis force investors to start to seek refuge.”

“In case GBP/USD rises above 1.3160 (former support that reversed March 2021-December 2021 downtrend, 20-period SMA on the four-hour chart) and starts using that level as support, it could target 1.3200 (psychological level) and 1.3250 (static level).”

“On the downside, 1.3100 (psychological level) aligns as the first support before 1.3050 (static level) and 1.3000 (psychological level, static level).”