Breaking: GBP/USD breaks 1.26 the figure as risk-off tensions mount

GBP/USD has dumped on Tuesday in widespread risk-off, breaking below 1.26 the figure in a fresh bear-cycle low for 2022:

GBP/USD daily chart

A number of risk-off  factors are being built into the price, from lower growth forcasts for the global economy, China's covid spread and teh contagion risks associated to the Ukraine crisis. 

More to come...