While Ukraine's intention not to join NATO is seen as easing the tensions of the previous war with Russia, investors remain wary of assessing other factors that still threaten increased risk.
Among them are reports that the United States (US) and the United Kingdom (UK) are now vigorously implementing restrictions on Russian oil imports. The UK government has announced that it will stop importing oil products from Russia by the end of 2022.
As such, the US dollar and Pound currencies in Tuesday’s trading were flat with both missing the point in a market environment that remained volatile.
The US dollar lost momentum to maintain its strength after the US NFP jobs report published last weekend was encouraging.
On the price chart of the GBP/USD pair, the price is seen moving horizontally throughout the day minutes above the support level of 1.31000 which was hit in last Monday's decline.
The price movement however has not given a signal for a trend change while the price is still moving below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the GBP/USD chart.
If the decline breaks out again, the price that falls below the level of 1.31000 will lead to the latest support zone at 1.3000.
On the other hand if the price starts signaling a bullish trend change, a rise past the MA50 resistance level will test the resistance zone at 1.32000 first.
Subsequently, the higher rise is expected to continue towards the SBR (support become resistance) zone of 1.33000 before reaching the resistance zone last week at 1.34000.
