GBP/USD Price Analysis: Refreshes daily high amid positive risk tone, subdued USD demand GBPUSD RiskAppetite Technical Analysis Majors Currencies
The risk-on mood undermines the safe-haven USD and remains supportive of the move.The GBP/USD pair
regains positive traction on the first day of a new week and builds on its steady intraday ascent through the mid-European session. Spot prices climb to a fresh daily high, around the 1.2270-1.2275 area in the last hour, and reverse a major part of Friday's losses amid the risk-on impulse. Investors breathe a sigh of relief in reaction to the news that First Citizens Bank & Trust Company will buy all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation . This is evident from a generally positive tone around the equity markets, which fails to assist the safe-haven US Dollar to capitalize on last week's goodish rebound from its lowest level since February and lends support to the GBP/USD pair.
The Greenback is further undermined by the Federal Reserve's hints of a possible pause to its rate-hiking cycle in the wake of the recent turmoil in the banking sector. That said, a strong follow-through rally in the US Treasury bond yields acts as a tailwind for the buck, which, in turn, might keep a lid on any meaningful upside for the GBP/USD pair. Hence, any subsequent move is more likely to confront stiff resistance near the 1.2300 round-figure mark.
On the flip side, the 1.2230 level now seems to protect the immediate downside ahead of the 1.2200 round figure and the 1.2175 support zone. A convincing break below might prompt some technical selling and drag the GBP/USD pair towards the 1.2100 mark. The latter coincides with the 100-day Simple Moving Average , below which spot prices could slide to the next relevant support near the 1.2055-1.2050 region en route to the 1.2000 psychological mark.
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