The price movement on the chart of the GBP/USD currency pair still remains flat in the 100 pips range following the pattern at the close of last week's trade.
The price remained above the support level of 1.26000 at the beginning of this week after the continuous fall of the price in the last week until the last session reached that level.
However, the further decline has not yet continued, instead the price rebounded to move horizontally below the 1.27000 level until the Asian trading session this morning (Wednesday).
Investors are now beginning to be wary of the risk of a change in market sentiment as tensions between Russia and Ukraine are expected to escalate again.
Ukraine launched an attack on Tuesday using missiles supplied by the United States (US) on Russia.
Even so, the US dollar has not shown signs of strengthening with weak movements exhibited in the New York session yesterday.
The price on the GBP/USD chart showed a decrease in the European session yesterday, but before touching the 1.26000 support, the price bounced back towards the 1.27000 resistance zone.
If the increase continues in the following sessions, the previous concentration level can be reached again with the closest target being at 1.28000.
Continued uptrend will expect the price towards 1.29000 or a high at 1.30000.
However, with the expectation that the US dollar will strengthen in a situation of risk-off sentiment, the price can be pushed back to support 1.26000.
A break below that zone will mark the price's latest low with a target moving to 1.25000.
