Markets are currently driven by the ongoing conflict in Ukraine. One good example is the dynamics of GBP/USD, which has been stagnant for two days already. Although it rose slightly during the European session, it returned to its original position by the US session. The EUR/USD, on the other hand, has been growing for two consecutive days.
As for the macroeconomic data, markets are obviously ignoring it because all movements occur either before the publication of the report, or after them. In such conditions, even the direction of quotes is almost impossible to predict as it could develop according to a completely unpredictable scenario.
In any case, EUR/USD is now near 1.1180, risking a rebound in the market. If expectations coincide, a slowdown may occur, which will subsequently lead to the return of dollar demand. An alternative scenario will be considered by traders if the price holds above 1.1200 in the H4 chart.
GBP/USD, despite the variable turbulence, is still in the process of recovery relative to the recent correction. The psychological level of 1.3000 still serves as the main point of support.
