The Dollar is strengthening against most fx pairs after the tension between Ukraine and Russia. The British Pound got rejected at the 1.3645-1.3660 resistance and is now challenging its January lows.
In previous posts we noted the importance of the black downward sloping resistance trend line. Price so far has gotten rejected more than 4 times when it approached this resistance trend line. GBPUSD is under pressure today and there are increased chances of breaking below January lows and moving towards 1.3290 where we find the 78.6% Fibonacci retracement of the entire rise from 1.3170. Bears are in control of the short-term trend. Lower levels are expected.
